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 approved by the Senate today by a vote of 35-0.
“The urban center loan program has been invaluable in encouraging business growth in our State’s urban communities,” said Senator Weinberg, D-Bergen. “We should bring this useful redevelopment and economic revitalization tool to bear to encourage investment in other areas of the State, not just New Jersey’s urban core. This bill expands the urban center loan program to give small business, woman and minority entrepreneurs outside of our cities a chance to participate.”