This bill establishes the "Employee Ownership Transition Program" under the New Jersey Economic Development Authority (EDA) to promote employee ownership models among businesses. The program will provide financial assistance for feasibility studies, consultative services, and educational resources to eligible businesses considering transitioning to employee ownership structures, such as employee stock ownership plans and worker cooperatives. Additionally, the EDA will create the "Employee Ownership Assistance Fund" and a "Revolving Loan Fund" to offer low-interest loans to support these transitions. The bill also mandates the appointment of a Director of Employee Ownership to oversee the program and the establishment of an Advisory Commission on Employee Ownership to provide guidance and recommendations.

Eligible businesses must have at least 20 full-time employees and be in good standing with state agencies. The legislation includes provisions for outreach and education to smaller businesses that may be years away from a succession decision, ensuring a comprehensive approach to fostering employee ownership in New Jersey. The bill outlines qualifications for contractors providing feasibility study services and the application process for financial assistance, ultimately aiming to enhance awareness and implementation of employee ownership models to promote business sustainability and community wealth-building in the state.