This bill establishes the "Employee Ownership Transition Program" under the New Jersey Economic Development Authority (EDA) to promote and facilitate the transition of businesses to employee ownership models. The program will provide financial assistance for employee ownership feasibility studies, consultative services, and educational resources to eligible businesses. Key terms such as "eligible business," "employee ownership model," and "employee ownership feasibility study services" are defined within the bill. The EDA is tasked with implementing the program, which includes the establishment of the Employee Ownership Assistance Fund and the Employee Ownership Revolving Loan Fund to support these initiatives.

Additionally, the bill mandates the appointment of a Director of Employee Ownership to oversee the program and the formation of an Advisory Commission on Employee Ownership, comprising various stakeholders, to provide guidance and recommendations. The EDA will review applications for financial assistance and ensure resources are available to support businesses transitioning to employee ownership. The legislation aims to enhance the existing Employee Stock Ownership Plan Assistance Program by expanding its services and ensuring participation from eligible contractors, ultimately fostering a more robust employee ownership landscape in New Jersey.