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TRENTON – A bill sponsored by Senator Loretta Weinberg 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 expanding the already-working model of the urban center loan program to include more business owners, we can create and sustain businesses outside of New Jersey’s cities,” said Senator Weinberg (D-Bergen). “In a climate where banks are more adverse to risk and less likely to lend to small and new businesses, these low-interest loans provided by the EDA often provide the only opportunity for small, minority- and women-owned businesses to grow.”

TRENTON – A bill sponsored by Senator Loretta Weinberg 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 passed the Senate Budget and Appropriations Committee with a vote of 10-0-1.

“The urban center loan program has helped to create and sustain businesses within New Jersey’s urban communities. By using this working model to allow small businesses and women- and minority-owned businesses to participate, we can encourage redevelopment and economic revitalization outside of our state’s cities,” Senator Weinberg (D-Bergen) said.