This bill establishes several programs within the New Jersey Economic Development Authority (EDA) aimed at supporting New Jersey-based start-ups, small businesses, and medium-sized businesses in adopting artificial intelligence (AI) capabilities. It creates the AI Job Creation and Economic Development Fund Program, which will provide financial assistance in the form of grants up to $500,000 and low-interest loans up to $1 million to AI businesses for establishing or expanding operations and developing AI innovation hubs. To qualify for assistance, businesses must demonstrate a viable business plan, commit to job creation, and meet other eligibility criteria. The bill appropriates $25 million from the General Fund to support this program.

Additionally, the bill establishes the AI for Small Business Grant Program, which will award grants to qualified start-ups and small businesses for adopting AI technologies, with grant amounts ranging from $50,000 to $1 million depending on the purpose. It also creates the AI for Small and Medium-Sized Businesses Consultancy Program, which will provide consultancy services to help these businesses implement AI technologies. The bill allocates $150 million for the grant program and $500,000 for the consultancy program, with annual reporting requirements to track the impact and operations of these initiatives.