Bill Text: NJ SR95 | 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: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2010-12-09 - Introduced in the Senate, Referred to Senate Economic Growth Committee [SR95 Detail]
Download: New_Jersey-2010-SR95-Introduced.html
Sponsored by:
Senator LINDA R. GREENSTEIN
District 14 (Mercer and Middlesex)
Co-Sponsored by:
Senator Whelan
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.
A Senate 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."
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 Senate 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 Senate 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 President of the Senate, and attested by the Secretary 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 Senate 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.
