(TRENTON) – Legislation Assembly Democrats Bonnie Watson Coleman, Charles Mainor and Thomas Giblin sponsored to permit small, women and minority-owned businesses in urban centers to qualify for New Jersey economic development loans was released Wednesday by an Assembly panel.
The bill (A-3589) is part of the legislative Democratic “Back to Work NJ” job creation and economic development initiative.
“Our economy cannot thrive unless it gives everyone a chance to be successful,” said Watson Coleman (D-Mercer). “Small, women and minority-owned businesses in urban centers where jobs are often needed the most must be a part of any economic revival.. If not, we will not succeed as a state.”
Under the bill, when the Economic Development Authority makes direct loans to qualified businesses in areas designated by the State Development and Redevelopment Plan as urban centers, it must include small, women and minority-owned businesses, manufacturers, redevelopers or nonprofit organizations unable to obtain funding from conventional Dests.
“Small, woman and minority-owned businesses are often centerpieces of their communities, providing much-needed jobs and economic growth that otherwise wouldn’t exist,” said Mainor (D-Hudson). “We must ensure these businesses are part of our effort to reposition our economy to move forward in the years ahead.”
“Everybody must be involved if we’re to truly build a strong economy,” said Giblin (E-Essex/Passaic). “With this simple and commonsense change, we can ensure that the benefits of an improved economy reach all types of New Jersey’s business.”
The bill was released 10-0-2 by the Assembly Budget Committee.
