Tuesday, April 5, 2016
Lampitt, Mosquera & Green Bill to Boost Creation of Small, Women- & Minority-Owned Businesses Clears Assembly Panel
(TRENTON) – Legislation sponsored by Assembly Democrats Pamela Lampitt, Gabriela Mosquera and Jerry Green that 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 released Monday by an Assembly panel.
“Loans and investment capital are harder to come by for women- and minority-owned businesses, which puts these businesses at a disadvantage from the start,” said Lampitt (D-Camden/Burlington). “This helps level the playing field and allows small, women- and minority-owned businesses to take advantage of loans that can help them sustain and build up their businesses.”
“Small businesses are critical to the strength of local economies,” said Green (D-Middlesex/Somerset/Union). “Expanding opportunities for small, women- and minority owned businesses not only helps these businesses thrive, but contributes to the stability of the communities where they operate.”
“Businesses owned by women and minorities lag behind in revenue, which means these businesses do not have enough to invest and grown their businesses,” said Mosquera (D-Camden/Gloucester). “Expanding the loans that women and minority business owners can apply for can help reverse this.”
Under the bill (A-1451), in the event that the Economic Development Authority begins making 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.
Accordingly, qualified businesses in regional centers or metropolitan planning areas would be permitted to receive direct loans under a program by the EDA entitled the “Urban Plus Program.”
The Urban Plus Program provides financial support in the form of loans from the EDA with a below-market interest rate to qualified community and economic development projects, manufacturers, redevelopers and not-for-profit organizations in the following endorsed New Jersey municipalities: Camden, Trenton, Newark, Jersey City, Paterson, New Brunswick, Asbury Park and Atlantic City.
Under this bill, small, women – and minority- owned businesses in the following surrounding regional centers would now qualify for loans: North Wildwood City, West Wildwood Borough, Wildwood City, Millville City, Vineland City, Princeton Borough, Princeton Twp., Long Branch City, Red Bank Borough, Dover Town, Morristown, Stafford Twp., Salem City, Bridgewater Twp., Somerville, Raritan Borough, Newton, Cape May Court House, Ocean City, Middle Twp. Bridgeton City, and Woolwich.
A “qualified business” is defined in the bill as a business that is established by the EDA as a small, woman-owned, or minority-owned New Jersey-based business, manufacturer, redeveloper, or non-profit organization that is unable to obtain funding from conventional sources, notwithstanding the assistance of an EDA guarantee.
The bill was advanced by the Assembly Appropriations Committee.
Friday, April 1, 2016
Speaker Pro Tempore Green
Speaker Pro Tempore Jerry Green
Housing & Community Development Committee Chair
April 1, 2016
Green Urges Christie to Step Up & Lead for Sake of A.C.
(TRENTON) – Assembly Speaker Pro Tempore Jerry Green (D-Middlesex/Somerset/Union) issued the following statement Friday regarding Atlantic City:
“No matter how many charts and graphs the Governor puts out, facts are facts. Looking back on the history of takeovers in New Jersey, it’s reasonable to be concerned that infringing upon the rights of working people in Atlantic City ultimately would do more harm than good.
“The better option would be for Gov. Christie to exercise the authority he already has to fix this problem. Why he hasn’t done so is a mystery to everybody.
“The disrespect for Speaker Prieto is beneath the office of the Governor. The Speaker has made it clear that he wants to engage in a conversation that produces a workable compromise, and he’s been shut down by the Governor at every turn.
“Even U.S. Government 101 students know that there are two independent houses of the legislature. It’s time for the Governor to step up, acknowledge that basic fact and work with Speaker Prieto to save Atlantic City. There’s no excuse for this lack of leadership in the midst of a serious crisis.”