Submitted by jdivor on

Proposal sent to governor for consideration.

Legislation to create a state Small Business Loan Program to provide low interest loans to New Jersey small businesses that commit to increase their workforce was approved by the Assembly Monday and sent to Gov. Chris Christie for consideration.<!--break-->

The proposal (S-3052) would direct the state Economic Development Authority to establish the program and provide 2 percent or lower interest loans of up to $250,000 to small businesses which commit to increase employment levels by at least 10 percent within the next four years. The loans could be used for capital purchases, employee training and salaries for new positions.