New Jersey’s major business organizations had their say during Wednesday’s first legislative hearing on Gov. Phil Murphy’s proposed $44.8 billion budget for the next fiscal year. Testimony submitted by the New Jersey Chamber of Commerce stated that more investment in business is needed, and requested at least $500 million in grants and loans to small businesses. That’s more than twice what the governor has proposed.
The New Jersey Business & Industry Association also wants to see more funding for businesses along with workforce development programs. The association also cautioned that the rate of state spending is unsustainable and could lead to future tax increases.
More financial help is on the way to some businesses. The state Economic Development Authority has announced a new $2 million pilot Micro Lender Support Grant Program. This program will make up to $200,000 available to organizations that lend to small and micro-businesses, including Community Development Financial Institutions and Minority Depository Institutions. The EDA will start taking applications for the program next month.