Establishes Office of Financial Assistance in EDA to help businesses and non-profit organizations access opportunities for public financial assistance; requires office to develop common application platform.

S3568

SENATE, No. 3568

STATE OF NEW JERSEY

222nd LEGISLATURE

�

INTRODUCED FEBRUARY 19, 2026

Sponsored by:

Senator� LINDA R. GREENSTEIN

District 14 (Mercer and Middlesex)

SYNOPSIS

���� Establishes Office of Financial Assistance in EDA to
help businesses and non-profit organizations access opportunities for public
financial assistance; requires office to develop common application platform.

CURRENT VERSION OF TEXT

���� As introduced.

��

An Act
establishing an Office of Financial Assistance in the
New Jersey Economic Development Authority and supplementing Title 34 of the
Revised Statutes.

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

���� 1.��� As used in
P.L. ,
c. (C. )
(pending before the Legislature as this bill):

���� �Authority� means the New
Jersey Economic Development Authority established pursuant to section 4 of
P.L.1974, c.80 (C.34:1B-4).

���� �Board� means the board of the
New Jersey Economic Development Authority established pursuant to section 4 of
P.L.1974, c.80 (C.34:1B-4).

���� �Chief executive officer�
means the Chief Executive Officer of the New Jersey Economic Development
Authority established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4).

���� �Federal agency� means any
department, administration, commission, board, bureau, office, establishment,
agency, authority, or instrumentality of the United States.

���� �Office� means the Office of
Financial Assistance established pursuant to section 2 of
P.L. ,
c. (C. )
(pending before the Legislature as this bill).

���� �Public financial assistance�
means any form of financial assistance, including, but not limited to, grants,
loans, loan guarantees, and tax credits, that is made available to business
entities or non-profit organizations by a State agency or federal agency.

���� �State agency� means any of
the principal departments in the Executive Branch of the State Government, and
any division, board, bureau, office, commission, or other instrumentality
within or created by such department and any independent State authority,
commission, instrumentality, or agency that is authorized by law to award public
financial assistance.

���� 2.��� a.� There is established
the Office of Financial Assistance within the New Jersey Economic Development
Authority.� The office shall be responsible for helping business entities and
non-profit organizations access available sources of public financial
assistance.

���� b.��� The board shall appoint
a director of the office, which person shall have demonstrated experience in
administering one or more public financial assistance programs.� The director
shall be responsible for overseeing the operations of the office under the direction
of the chief executive officer.� The authority shall employ such professional
and administrative staff as are necessary to effectuate the duties and
responsibilities of the office.

���� c.���� In addition to any
other duties and responsibilities that may be prescribed by the board or the
chief executive officer, the office shall:

���� (1)�� provide technical
assistance to business entities and non-profit organizations in the State
concerning the identification of available sources of public financial
assistance, the application for public financial assistance, and the compliance
with any terms and conditions imposed upon the receipt of public financial
assistance;�

���� (2)�� develop and update, as
necessary, the common application platform required pursuant to section 3 of
P.L. ,
c. (C. )
(pending before the Legislature as this bill); and

���� (3)�� coordinate with State
agencies and federal agencies, on a regular basis, to determine the
availability of new sources of public financial assistance.

���� 3.��� a.� The office shall
develop, or cause to be developed, a common application platform through which
business entities and non-profit organizations may electronically apply for any
sources of public financial assistance made available by State agencies.�

���� b.��� In addition to any other
functionalities that the office may deem appropriate, the common application
platform shall, to the extent practicable, allow a business entity or
non-profit organization to:

���� (1)�� identify all available
sources of public financial assistance;

���� (2)�� input any information or
documentation that may be required by a State agency as part of the application
for public financial assistance, which information and documentation may be
stored on the platform by the business entity or non-profit organization for
use in other applications;

���� (3)�� simultaneously submit
applications for any sources of public financial assistance made available by a
State agency; and

���� (4)�� monitor the status of
all applications for public financial assistance submitted through the
platform.

���� c.���� Notwithstanding any
provision of law or regulation to the contrary, after the common application
platform has been developed, every State agency that offers public financial
assistance shall coordinate with the office to ensure that:

���� (1)�� all applications for
public financial assistance may be submitted through the common application
platform; and

���� (2)�� all information
contained on the platform concerning the availability of public financial
assistance is up-to-date and accurate.�� d.�������� The office shall update
the common application platform, as necessary, to ensure that all information
contained on the platform is up-to-date and accurate.

���� 4.��� This act shall take
effect immediately.

STATEMENT

���� This bill establishes an
Office of Financial Assistance within the New Jersey Economic Development
Authority (EDA) to help business entities and non-profit organizations access available
sources of public financial assistance, including any grants, loans, loan
guarantees, or tax credits provided by a State or federal agency.

���� Under the bill, the Office of
Financial Assistance would be responsible for: (1) providing technical
assistance to business entities and non-profit organizations in the State
concerning the identification of available sources of public financial assistance,
the application for public financial assistance, and the compliance with any
terms and conditions imposed upon the receipt of public financial assistance;
(2) developing and updating, as necessary, the common application platform
required under the bill; (3) coordinating with State agencies and federal
agencies, on a regular basis, to determine the availability of new sources of
public financial assistance; and (4) fulfilling any other duties and
responsibilities that may be prescribed by the board or chief executive officer
of the EDA.

���� The bill also requires the Office
of Financial Assistance to develop, or cause to be developed, a common
application platform through which business entities and non-profit
organizations may electronically apply for any sources of public financial
assistance made available by a State agency.� At a minimum, and to the extent
practicable, the common application platform would be required to allow these
entities to: (1) identify all available sources of public financial assistance;
(2) input any information or documentation that may be required by a State
agency as part of the application for public financial assistance, which
information may be stored for use in other applications; (3) simultaneously
submit applications for any sources of public financial assistance made
available by a State agency; and (4) monitor the status of all applications
submitted through the platform.

���� After the common application
platform has been developed, the bill requires every State agency that offers
public financial assistance to coordinate with the office to ensure that all
applications for public financial assistance can be submitted through the
platform and all information contained on the platform concerning the
availability of public financial assistance is up-to-date and accurate.� Based
on this coordination, the office would be required to update the platform, as
necessary, to ensure that all information contained therein is up-to-date and
accurate.