This bill establishes the Office of Financial Assistance within the New Jersey Economic Development Authority (EDA) to assist businesses and non-profit organizations in accessing public financial assistance, which includes grants, loans, loan guarantees, and tax credits from state and federal agencies. The office will provide technical assistance in identifying available funding sources, applying for assistance, and ensuring compliance with any conditions tied to the funding. Additionally, the office is tasked with developing and maintaining a common application platform that streamlines the application process for public financial assistance.

The common application platform will allow entities to electronically apply for funding, identify available sources, store necessary documentation for future applications, submit multiple applications simultaneously, and monitor the status of their submissions. The bill mandates that all state agencies offering public financial assistance coordinate with the Office of Financial Assistance to ensure that applications can be submitted through this platform and that the information regarding available assistance is accurate and up-to-date. This initiative aims to simplify the process for accessing public financial resources and enhance the efficiency of state-funded assistance programs.