2023 New Jersey Statutes 34:1B-169. Loan criteria
b. In determining the criteria for qualifying applicants for loans, the authority shall consider:
(1) the need to provide assistance for retaining and attracting businesses and jobs;
(2) the level of potential job creation and the longevity of such jobs;
(3) the conduciveness of the economic environment for the establishment, expansion or relocation of businesses within the jurisdiction of the project;
(4) the geographic representation of all regions of the State, including both urban and rural municipalities; and
(5) the level of financial and other participation by local economic development agencies, county or municipal government entities, nonprofit or for-profit organizations and lending institutions.
c. The authority shall require applicants to contribute cash from other sources to leverage the amount of moneys received from the program. Contributions provided from other sources shall be in a ratio of at least $1 from other sources for each $2 from the program. These contributions may come from a public or private source other than the program.
d. Loans to stimulate the retention or attraction of businesses in accordance with this act shall be made by the authority pursuant to a loan agreement and may be amortization or term loans, bear interest at less than the market rate, be renewable, be callable, and contain other terms and conditions considered appropriate by the authority that are consistent with the purposes of this act and with rules and regulations adopted by the authority to implement the program.
e. The authority may require, as a condition of receiving a loan under the program, that a business which an applicant seeks to retain or attract shall continue operating at a location in New Jersey for at least 1.5 times the number of years of the term of the loan.
L.1998,c.94,s.5.