News Department

Bill to promote local business development advances

NEW JERSEY – Bipartisan legislation sponsored by Senator Parker Space (R-24) that would establish an economic growth program to promote business development in less-populated municipalities was advanced by the Senate Economic Growth Committee.

“Many small towns in New Jersey struggle to create jobs and stimulate business growth because of barriers that prevent them from qualifying for certain assistance programs,” Space said. “This bill would address the unique challenges that less-populated municipalities face by establishing the Downtown Economic Growth Program. By providing access to critical resources that foster business development and growth, we’ll be making a long-term investment in the prosperity of our smaller communities.”

Sen. Space’s bill, S-1435, would establish the Downtown Economic Growth Program to provide financial and technical assistance to encourage the development of businesses located in small municipalities.

Under the bill, a small municipality is defined as having a population under 11,000 residents; and is either:

  • Designated as a county seat;
  • Contains an opportunity zone; or
  • Is more than 70% developed, according to the Department of Environmental Protection.

The bill would authorize certain business and income tax credits for eligible businesses and would also establish a Downtown Economic Growth Assistance Fund.

The Economic Development Authority (EDA) would be responsible for creating this fund to provide loans and technical assistance to businesses within less-populated municipalities.

“Despite living and operating in well-developed areas, businesses in downtown areas are no stranger to the affordability crisis that is unfolding in New Jersey,” Space said. “By offering certain tax credits and opening this assistance fund, we’ll ensure that businesses in less-populated municipalities remain vibrant for many years to come.”

Jay Edwards

Born and raised in Northwest NJ, Jay has a degree in Communications and has had a life-long interest in local radio and various styles of music. Jay has held numerous jobs over the years such as stunt car driver, bartender, voice-over artist, traffic reporter (award winning), NY Yankee maintenance crewmember and peanut farm worker. His hobbies include mountain climbing, snowmobiling, cooking, performing stand-up comedy and he is an avid squirrel watcher. Jay has been a guest on America’s Morning Headquarters,program on The Weather Channel, and was interviewed by Sam Champion.

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