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(TRENTON) - Legislation sponsored by Assemblywoman Bonnie Watson Coleman to expand the scope and reach of small, women- and minority-owned businesses throughout New Jersey by providing loans through the New Jersey Economic Development Authority was approved Monday by the General Assembly.
"Our economy cannot thrive unless it gives everyone a chance to be successful," said Watson Coleman (D-Mercer/Hunterdon). "We are all vastly interconnected and our success as a state depends on being able to invest in both urban and outlying areas. Small, women and minority-owned businesses in surrounding urban regions where jobs are often needed the most must be a part of any economic revival."
Under the bill (A-2122), when the Economic Development Authority makes direct loans to small, women and minority-owned businesses, manufacturers, redevelopers or nonprofit organizations in areas designated by the State Development and Redevelopment Plan as urban centers, it must also include such businesses located in "regional centers" surrounding these urban areas.
Contact Eva Loayza at (609) 847-3500
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"When you're asked to cast a vote on a bill and it seems innocuous, and it's got a hidden land mine that perhaps only an expert would see, it would sort of behoove those experts to tell us in advance rather than make us look, shall we say, a little bit indecisive later on." - Assemblyman Michael Patrick Carroll (R-25).- NJTV
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