LEGISLATIVE FISCAL ESTIMATE
SENATE, No. 3400
STATE OF NEW JERSEY
220th LEGISLATURE
DATED: FEBRUARY 22, 2023
SUMMARY
Synopsis: Establishes mentorship program for new businesses and start-ups.
Type of Impact: Potential annual increase in State costs.
Agencies Affected: Department of State.
Office of Legislative Services Estimate
Fiscal Impact FY 2024 & Annually Thereafter
Potential State Cost Increase Indeterminate
 The Office of Legislative Services (OLS) concludes that the bill may result in a potential
indeterminate annual increase in State expenditures related to the establishment of a
mentorship program for newly established businesses. Information available through the
Business Action Center’s website indicates that the center already engages in some mentoring
activities. To the extent that the center can accommodate the new mentorship program using
existing resources, the State will not experience an increase in costs.
BILL DESCRIPTION
The bill requires the NJ Business Action Center in the Department of State to establish a
mentorship program to match entities with experience in particular areas with new entities seeking
to learn from entities that are experienced in those areas. Under the program, participating mentor
entities will be encouraged to share with mentee entities those mentor entities’ experiences
transitioning to new a form of commerce and suggestions to avoid common pitfalls during that
adjustment period.
The bill requires the center to seek the assistance of chambers of commerce and other local
organizations to solicit the participation of businesses in the program and to compile a list of
mentor and mentee businesses to be matched by the center. The center is also required to establish
the terms and conditions by which entities may participate in the program including requirements
for minimum quarterly and in-person meetings between mentor and mentee entities.
Office of Legislative Services Legislative Budget and Finance Office
State House Annex Phone (609) 847-3105
P.O. Box 068 Fax (609) 777-2442
Trenton, New Jersey 08625 www.njleg.state.nj.us
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FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The OLS concludes that the bill may result in a potential indeterminate annual increase in State
expenditures related to the establishment of a mentorship program for newly established
businesses. Information available through the Business Action Center’s website indicates that the
center already engages in some mentoring activities. The Business Action Center’s Office of
Small Business Advocacy connects clients with programs across New Jersey that offer one-on-
one mentoring opportunities to small businesses. Advocates working in the center’s Office of
Small Business Advocacy assist clients with real estate site searches and provide guidance on grant
and loan programs, workforce and recruitment and training grants, energy efficiency incentives,
and State and local economic development incentives. To the extent that the center can
accommodate the new mentorship program using existing resources, the State will not experience
an increase in costs.
Section: Revenue, Finance, and Appropriations
Analyst: Scott A. Brodsky
Staff Fiscal & Budget Analyst
Approved: Thomas Koenig
Legislative Budget and Finance Officer
This legislative fiscal estimate has been produced by the Office of Legislative Services due to the
failure of the Executive Branch to respond to our request for a fiscal note.
This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).