Bill Text: NJ AR124 | 2010-2011 | Regular Session | Introduced
Bill Title: Calls on Governor to take steps necessary to apply for assistance under State Small Business Credit Initiative component of federal "Small Business Jobs Act of 2010."
Spectrum: Strong Partisan Bill (Democrat 11-1)
Status: (Passed) 2010-11-23 - Filed with Secretary of State [AR124 Detail]
Download: New_Jersey-2010-AR124-Introduced.html
Sponsored by:
Assemblyman GARY S. SCHAER
District 36 (Bergen, Essex and Passaic)
Assemblyman WAYNE P. DEANGELO
District 14 (Mercer and Middlesex)
Assemblyman MATTHEW W. MILAM
District 1 (Cape May, Atlantic and Cumberland)
Assemblywoman CELESTE M. RILEY
District 3 (Salem, Cumberland and Gloucester)
Assemblywoman CONNIE WAGNER
District 38 (Bergen)
SYNOPSIS
Calls on Governor to take steps necessary to apply for assistance under State Small Business Credit Initiative component of federal "Small Business Jobs Act of 2010."
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution calling on the Governor and the appropriate party or parties in the Executive Branch of State Government to take the steps necessary to apply for assistance under the State Small Business Credit Initiative component of the federal "Small Business Jobs Act of 2010."
Be It Resolved by the General Assembly of the State of New Jersey:
Whereas, On September 27, 2010, President Barack Obama signed into law H.R. 5297, the federal "Small Business Jobs Act of 2010" (the "Act") which, in part, establishes the State Small Business Credit Initiative ("SSBCI"); and
Whereas, The SSBCI provides states with a total of $1.5 billion in grants for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs, and to strengthen state programs that support lending to small businesses and small manufacturers; and
Whereas, Under the SSBCI, participating states are required to demonstrate a minimum of $10 in new private lending to these businesses for every $1 in federal funding received; and
Whereas, According to the U.S. Department of the Treasury ("Treasury"), the $1.5 billion funding commitment that the federal government will make for this program is expected to support $15 billion in additional private lending; and
Whereas, If New Jersey participates in the SSBCI, its expected share would be more than $33.7 million dollars with an expected 10:1 private match providing more than $337.6 million in total; and
Whereas, The first step in the application process is for state applicants to file a "Notice of Intent to Apply" with Treasury no later than November 26, 2010, and the second step for state applicants is to file a completed application package no later than June 27, 2011; and
Whereas, It is altogether fitting and proper for the General Assembly to encourage the Governor and the appropriate party or parties in the Executive Branch of State Government to take the steps necessary to apply for assistance under the SSBCI component of the Act in order to allow the State to take advantage of this opportunity to receive federal funding for this program; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. This House respectfully calls on the Governor and the appropriate party or parties in the Executive Branch of State Government to take the steps necessary to apply for federal assistance under the State Small Business Credit Initiative component of the federal "Small Business Jobs Act of 2010" in order for the State to receive more than $33.7 million in federal funding under that initiative.
2. Duly authenticated copies of this resolution, signed by the Speaker of the General Assembly, and attested by the Clerk thereof, shall be transmitted to the Governor, the Lieutenant Governor, the State Treasurer, and the Chief Executive Officer of the New Jersey Economic Development Authority.
STATEMENT
This resolution calls on the Governor and the appropriate party or parties in the Executive Branch of State Government to take the steps necessary to apply for assistance under the State Small Business Credit Initiative ("SSBCI") component of the federal "Small Business Jobs Act of 2010." The SSBCI provides states with a total of $1.5 billion in formula grants for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs, and to strengthen state programs that support lending to small businesses and small manufacturers. Under the SSBCI, New Jersey's expected share would be more than $33.7 million dollars with an expected 10:1 private match providing more than $337.6 million in total.
