TRENTON – A bill sponsored by Senators Loretta Weinberg and Linda Greenstein which would expand the eligibility for New Jersey-based small, women-owned, or minority-owned businesses to receive Economic Development Authority (EDA)-backed loans reserved for businesses in designated urban centers was unanimously approved by the Senate Budget and Appropriations Committee today.
“The urban center loan program has been a useful tool to encourage business growth in our most densely-populated communities,” said Senator Weinberg. “However, we shouldn’t restrict regional redevelopment and revitalization to our state’s urban core. By allowing small, women-owned and minority-owned businesses in regional planning areas to take advantage of the direct loans available to urban-based businesses, we can encourage job growth and investment in needed areas of the State from a more diverse group of business owners.”
