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 engaging 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 financial assistance, which will include criteria for prioritizing loan approvals based on the potential economic impact and the nature of the resiliency project. The bill mandates that businesses receiving loans must submit annual reports detailing their financial performance and the use of loan proceeds, with the information being kept confidential. Additionally, the EDA is authorized to establish a dedicated, non-lapsing fund to manage the financial resources for the loan program, which can include contributions from various sources. The bill is set to take effect immediately upon passage.