The proposed bill establishes the Small Business Resiliency Project Loan Program and the Small Business Resiliency Project Loan Fund under the New Jersey Economic Development Authority (EDA). This program aims to provide low-interest loans to qualified small businesses that are engaged in or have completed resiliency projects designed to mitigate risks associated with climate change-related natural hazards. A qualified business is defined as one that is registered in New Jersey, intends to maintain its operations in the state, and employs no more than 50 full-time employees. The bill outlines various types of resiliency projects eligible for funding, including improvements to water management, electrical grid reliability, and broadband access.

The EDA is tasked with creating an application process for businesses seeking assistance, which must include proof of eligibility and an outline of how loan proceeds will be used. The authority will prioritize applications based on the potential long-term economic impact of the business, the nature of the resiliency project, and the municipality's incorporation of climate hazard assessments into its land use plans. Additionally, the bill mandates that businesses receiving loans submit annual reports detailing their financial performance and the use of loan funds, with the information being kept confidential. The revolving loan fund will be sustained through repayments and interest from loans, as well as additional funding from state, federal, or private sources.