Authorizes EDA to provide financial assistance to certain business incubator facilities.
This bill establishes a program allowing New Jersey's Economic Development Authority (EDA) to provide loans to business incubator facilities. These facilities, which offer low-cost space and support to early-stage technology and innovation businesses (like biotech and software startups), must meet specific criteria including compliance with labor/environmental laws, no tax arrears, and securing at least 15% of their funding from established businesses. Loans up to $600,000, repayable within two years at prime rate or lower, require facilities to share 3-5% of royalty payments from incubator businesses (for intangible property) toward loan repayment. The program prohibits certain businesses - such as retail stores, restaurants, law firms, and financial services - from operating within these facilities and mandates annual reporting on job creation, capital investment, and program outcomes.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024
Last action Jan 9, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
1
Key actions
0
Committee
0
Jan 9, 2024
Introduced
Introduced in the Assembly, Referred to Assembly Science, Innovation and Technology Committee
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
NM
Nancy Muñoz
RRepublican
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