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NJ expands MWBE access to state-backed loans

Before leaving office, former New Jersey Governor Chris Christie signed a bill from the legislature's 2016-2017 session intended to help minority- and woman-owned business enterprises (MWBEs) access capital for their business ventures.

The measure authorizes the Economic Development Authority (EDA) to provide direct loans to MWBEs in the "regional centers" surrounding the state's "urban centers." Previously, only those MWBEs within the urban centers were eligible for such direct loans.

Urban centers that the EDA has historically operated in include Camden, Trenton, Newark, Jersey City, Paterson, New Brunswick, Asbury Park and Atlantic City. Now, MWBEs surrounding those areas will, if they are unable to obtain funding from conventional sources, be eligible to receive loans with below-market interest rates from the EDA. The EDA loans are provided under the aegis of the "Urban Plus Program."

To read the new MWBE lending law in full, visit http://www.njleg.state.nj.us/2016/Bills/A1500/1451_I1.HTM