reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-61 - Authorized investment

34:1B-61. Authorized investment
Notwithstanding the provisions of any other law to the contrary, the State, its political subdivisions, agencies and instrumentalities, their officers, boards, commissioners, departments, any trust company, State or federally chartered bank, savings bank, savings and loan association, investment companies, insurance companies, all executors, administrators, guardians and fiduciaries, and all other persons whosoever who now are or may hereafter be authorized to invest in bonds or other obligations of the State, may legally invest funds belonging to them or within their control in bonds or notes issued by the authority pursuant to the provisions of this act. These bonds and notes are securities which may properly and legally be deposited with and received by any State or municipal officer or agency of the State for any purpose for which the deposit of bonds or other obligations of the State is now or may hereafter be authorized by law.
L. 1985, c. 386, s. 15, eff. Dec. 18, 1985.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-64 - Definitions

34:1B-64. Definitions
3. As used in this act:
"Authority" means the New Jersey Economic Development Authority established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4).
"Eligible export business" means a small- or medium-sized business which has its principal place of business located in this State and is engaged in the provision of goods or services to foreign export markets. The authority shall promulgate by rule a detailed definition which shall set forth the criteria to be used to determine eligibility for the program pursuant to the provisions of this act.
"Fixed assets" means any real property, interests in real property, plants, equipment, and other assets commonly accepted as fixed assets.
"Participating bank" means a bank as defined pursuant to section 1 of P.L.1948, c.67 (C.17:9A-1) deemed eligible by the authority for participation in the program.
"Program" means the "New Jersey Global Export Network Program" established by the authority pursuant to section 4 of this act.
"Working capital" means those liquid capital assets other than fixed assets.
L.1993,c.197,s.3.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-65 - "New Jersey Global Export Network Program"

34:1B-65. "New Jersey Global Export Network Program"
4. The New Jersey Economic Development Authority shall, in consultation with the Division of International Trade and the Division of Economic Development in the Department of Commerce and Economic Development, establish the "New Jersey Global Export Network Program," to assist eligible export businesses to expand their role in the exportation of New Jersey products and services. The authority shall give priority consideration to eligible export businesses utilizing locally produced materials and supplies to add at least 50% of the value to the products or services. As used in this section, "locally produced materials and supplies" means articles, materials and supplies produced or manufactured in this State. The activities of the program shall be deemed to be supplementary to, and not in lieu of, the powers of the authority prescribed by law.
L.1993,c.197,s.4.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-66 - "Global Export Network Assistance Fund"

34:1B-66. "Global Export Network Assistance Fund"
5. a. In order to effectuate the purposes of the program, the authority shall establish and maintain a special non-lapsing revolving fund to be known as the "Global Export Network Assistance Fund," hereinafter the "network assistance fund," which shall be credited with: (1) an amount from the Economic Recovery Fund established pursuant to section 4 of P.L.1992, c.16 (C.34:1B-7.13) which the authority determines is necessary to effectively implement the program, within the limits of funding available from the Economic Recovery Fund, based upon the response to the program by eligible export businesses and participating banks; (2) any moneys that shall be received by the authority from the repayment of the moneys in the network assistance fund used to provide direct loans or revolving credit lines pursuant to this act and interest thereon; and (3) other moneys of the authority, including but not limited to, any moneys available from other business loan programs administered by the authority which it determines to deposit therein.
b. The authority may use the moneys in the network assistance fund established pursuant to this section for:
(1) funding direct loans or revolving lines of credit agreements for eligible export businesses for the production of goods and services for export, and guaranteeing up to 25% of the loans or lines of credit provided by participating banks, in accordance with section 7 of this act;
(2) making payments in fulfillment of the terms of any direct loans, revolving lines of credit agreements, or guarantee agreements, entered into pursuant to section 7 of this act; and
(3) defraying the administrative costs of the authority in carrying out the purposes and provisions of this act.
c. The portion of the direct loans or lines of credit provided by participating banks may be guaranteed by the authority pursuant to section 7 of this act only if an eligible export business has qualified therefor by demonstrating to the satisfaction of the authority that the eligible export business has the ability to develop new or expanded export activities, with particular emphasis on products or services which will be in high demand as a result of the expected approval of the North American Free Trade Agreement (NAFTA), the General Agreement on Trade and Tariffs (GATT) and the European Community (EC) integration, and that the eligible export business has sufficient ability, reputation and credit-worthiness.
d. The maximum amount and term of the loan, line of credit or guarantee made pursuant to this act shall be determined by the authority.
L.1993,c.197,s.5.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-67 - Establishment of reserves, liquid reserves

34:1B-67. Establishment of reserves, liquid reserves
6. The authority shall establish sufficient reserves and liquid reserves, aside from those moneys required to provide a sufficient and actuarially sound basis for its pledges contained in any loan, line of credit or guarantee agreement entered into pursuant to this act.
L.1993,c.197,s.6.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-68 - Agreements with participating banks

34:1B-68. Agreements with participating banks
7. The authority shall enter into agreements with participating banks to use the moneys from the network assistance fund to provide up to 25% of the direct loans or revolving lines of credit for fixed asset needs and working capital of eligible exporting businesses. The agreements shall further provide that the balance of the loans or lines of credit for financing the fixed asset needs and working capital of eligible export businesses shall come from participating banks. The authority may also use moneys from the network assistance fund to guarantee up to 25% of the portion of the loans or lines of credit to be provided by the participating banks in those cases where the authority determines that such a guarantee is necessary for an agreement authorized by this section. The agreements shall also provide for any other terms or conditions which the authority and the participating banks stipulate to as being necessary or desirable to make loans, establish and extend lines of credit, guarantee loans and otherwise effectuate the purpose of the program.
L.1993,c.197,s.7.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-69 - Rules, regulations

34:1B-69. Rules, regulations
8. The authority shall, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), adopt rules and regulations governing the making of loans, extending of credit and the issuance of guarantees pursuant to this act.
L.1993,c.197,s.8.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-71 - Findings, declarations relative to microlending

34:1B-71. Findings, declarations relative to microlending
2. The Legislature finds and declares that:
a. Approximately 98% of New Jersey's employers are small business operators and more than 1.5 million employees are working in small businesses in this State;
b. Testimony taken at legislative hearings revealed that between 1987 and 1992, corporate down-sizing created a sizeable group of displaced and dislocated private sector workers, 12 to 14% of whom have undertaken self-employment opportunities, with the balance remaining underemployed or unemployed;
c. While the New Jersey Development Authority for Small Businesses, Minorities' and Women's Enterprises has a peer group micro-lending program in place which targets certain geographical regions of the State, it is imperative that we find new and innovative ways to help unemployed and underemployed individuals throughout the entire State to re-enter the marketplace; and
d. Experience in numerous other states and in certain urban areas in New Jersey has shown that "microlending," or carefully underwriting small loans to individual entrepreneurs with well-developed, realistic business plans, has been successful in helping individuals, without regard to geographical location, to start, maintain and expand small businesses.
L.1995,c.206,s.2.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-72 - Definitions

34:1B-72. Definitions
3. As used in this act:
"Certified micro-business development corporation" means a micro-business development corporation certified pursuant to section 7 of this act;
"Commissioner" means the Commissioner of Commerce and Economic Development;
"Department" means the Department of Commerce and Economic Development;
"Development loan" means money loaned to a certified micro-business development corporation by the authority for the purpose of making a micro-business loan pursuant to section 6 of this act;
"Micro-business development corporation" means a nonprofit corporation established prior to or after the effective date of this act, and pursuant to Title 15 of the Revised Statutes, Title 15A of the New Jersey Statutes, or other law of this State to provide training, technical assistance, and access to capital for the startup or expansion of qualified micro-businesses;
"Micro-business loan" means a loan made from or guaranteed by a revolving loan fund contributed to by the micro-business assistance program;
"Program" means the micro-business assistance program established pursuant to section 4 of this act; and
"Qualified micro-business" means a business enterprise, which has its principal place of business in this State, is independently owned and operated as a sole proprietorship, partnership or corporation, with 20 or fewer employees in full-time positions and with a level of gross income from operations defined by the authority as a micro-business.
L.1995,c.206,s.3.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-73 - New Jersey Micro-Business Assistance Program

34:1B-73. New Jersey Micro-Business Assistance Program
4. a. There is created, in the New Jersey Economic Development Authority , a "New Jersey Micro-Business Assistance Program," hereinafter, "the program." The program shall be established by the authority in collaboration with the department. The program shall consist of loans, loan guarantees, or both, and training and technical assistance which shall be provided to qualified micro-businesses through a network of regional micro-business development corporations.
b. To implement the program, the authority shall, to the greatest extent feasible, cooperate with micro-business development corporations in no less than three service regions of the State consisting of one or more counties in seeking to involve the resources of local banks and financial institutions in order to leverage dollars available for the program. The service regions shall be determined by the authority on the basis of: comparative unemployment or underemployment; an economic environment conducive to the establishment or expansion of businesses built around qualified micro-businesses; the need for assistance in maintaining, rehabilitating or refurbishing micro-businesses where such activity will protect or enhance a small-business economy; and the level of anticipated financial and other participation of county economic development agencies, municipal economic development agencies or business organizations, and county or municipal educational and nonprofit organizations.
c. In designing and implementing the program, the authority is authorized to enter into agreements with county and municipal agencies, and local business, educational and nonprofit organizations, in order to leverage its development loans with funds from such entities. Such agreements may also require participation from the county and municipal level where training and technical assistance, and other self-employment services are concerned. The terms and conditions of all loans and loan guarantees provided by the authority shall be determined by the authority.
L.1995,c.206,s.4.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-74 - "New Jersey Micro-Business Assistance Fund"

34:1B-74. "New Jersey Micro-Business Assistance Fund"
5. a. To implement the program, the authority shall establish and maintain a special revolving fund to be known as the "New Jersey Micro-Business Assistance Fund," hereinafter, "the assistance fund," which shall be credited with:
(1) such moneys from the economic growth account of the "Economic Recovery Fund" established pursuant to section 4 of P.L.1992, c.16 (C.34:1B-7.13), which the authority determines are necessary to effectively implement the program, within the limits of funding available from the Economic Recovery Fund, based upon the response to the program by micro-business development corporations; (2) any moneys that shall be received by the authority from the repayment of the moneys in the assistance fund used to provide micro-business development loans pursuant to this act and interest thereon; (3) moneys as may be available to the authority from business assistance programs administered by the authority or by other State agencies or authorities including, but not limited to, the New Jersey Development Authority for Small Businesses, Minorities' and Women's Enterprises established pursuant to P.L.1985, c.386 (C.34:1B-47 et seq.), the New Jersey Urban Development Corporation established pursuant to P.L.1985, c.227 (C.55:19-1 et seq.), the department or administered by federal agencies or by private sector foundations ; (4) appropriations made by the Legislature to effectuate the purposes of this act; (5) fees collected from applicants pursuant to subsection c. of this section; and (6) other moneys made available including, but not limited to, funds provided by agreement with private investors, small business investment corporations, banks and other lending institutions to effectuate the purposes of this act.
b. Moneys in the assistance fund which are determined by the authority not to be needed for current responsibilities of the assistance fund, may be invested by the authority in any direct obligations as to which the principal and interest thereof are guaranteed by the United States of America or any other obligation deemed appropriate by the authority. The authority may appoint a director to manage the activities associated with the assistance fund. The director shall receive compensation as determined by the authority.
c. The authority may charge fees in connection with applications for financial assistance from the assistance fund as it deems reasonable.
L.1995,c.206,s.5.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-76 - Certification of micro-business development corporation

34:1B-76. Certification of micro-business development corporation
7. The authority may certify a micro-business development corporation when it determines that the corporation:
a. has developed a viable plan for providing training, access to financing, and technical assistance for qualified micro-businesses;
b. has broad-based community support in a designated service region of the State, as reflected, for example, by the membership of its board of directors, and has demonstrated support from other regional entities to provide assistance with service delivery and financial aspects; and
c. has an adequate source of operating capital.
L.1995,c.206,s.7.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-77 - Additional powers of authority

34:1B-77. Additional powers of authority
8. a. The authority shall have, in addition to the powers enumerated in section 5 of P.L.1974, c.80 (C.34:1B-5), the power to enter into written agreements, including limited partnership agreements, with one or more professional investors or small business investment corporations or with one or more State agencies or authorities for the purposes of establishing a pool of moneys to be deposited in the assistance fund and to provide moneys, to be used exclusively for development loans to micro-business development corporations. The pooled moneys provided by the authority from the assistance fund shall be fixed at an interest rate to be determined by the authority and shall be for a term not exceeding one year.
b. The authority may also accept grants, donations, and other private and public income, including payments of interest on loans made by the authority.
c. The authority shall deposit all moneys received under this section in the assistance fund established pursuant to section 5 of this act.
L.1995,c.206,s.8.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-78 - Additional duties of authority

34:1B-78. Additional duties of authority
9. In addition to the duties of the authority required under section 7 of P.L.1974, c.80 (C.34:1B-7), the authority shall, in conjunction with certified development corporations and the department, prepare a report within two years following the effective date of this act, and not later than September 15 of each third year thereafter. The report shall include, but not be limited to, a description of the demand for the program from qualified micro-businesses, types of businesses the fund has assisted, the efforts made by the authority and the development corporations to promote the program and to establish a pool of funds from private and public sources, the total amount of loans or lines of credit issued by the authority or the development corporations, as appropriate, from the assistance fund or the revolving lines of credit, as the case may be, and an assessment of the effectiveness of the program in meeting the goals of this act. The authority shall submit its reports to the Governor and the Legislature, along with any recommendations for legislation to improve the effectiveness of the program.
L.1995,c.206,s.9.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-79 - Rules, regulations

34:1B-79. Rules, regulations
10. The authority and the department shall jointly adopt, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), rules and regulations as may be necessary to effectuate the purposes of this act including, but not limited to, the criteria and procedures concerning certification of micro-business development corporations, the criteria and procedures for selecting from competing development loan applications and for awarding development loans to certified micro-business development corporations, criteria and procedures to be followed by certified micro-business development corporations in administering revolving loan funds supported by the program, criteria for determining the terms and conditions of development loans and loan repayments, and criteria for determining nonperformance and declaring default in the administration of development loans.
L.1995,c.206,s.10.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-81 - Findings, declarations relative to strategies promoting businesses

34:1B-81. Findings, declarations relative to strategies promoting businesses
2. The Legislature finds and declares that:
a. The Department of Commerce and Economic Development admirably provides generic services and technical assistance to businesses that request such help;
b. The department should now complement its existing, generic types of assistance with appropriate, specific strategies oriented towards promoting businesses in high potential and mid-potential growth industry sectors, and businesses in declining industry sectors that have the potential for revitalization; and
c. These new, specific strategies may include assistance in the creation of industry sector networks wherein similar businesses work together and learn from each other thereby enabling such networks to benefit from economies of scale and thus enhance their competitiveness in current markets and also permit their entry into new, larger markets.
L.1995,c.207,s.2.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-82 - Definitions

34:1B-82. Definitions
3. As used in this act:
"Commissioner" means the Commissioner of Commerce and Economic Development;
"Department" means the Department of Commerce and Economic Development;
"Economic master plan commission" means the New Jersey Economic Master Plan Commission established by Executive Order No. 1 issued by the Governor on January 18, 1994;
"Industry sector network" means clusters of two or more businesses within a key industry working jointly to manufacture, sell or market products, develop technologies or create or disseminate information; and
"Key industry" means an industry that makes or could make an important contribution to the economy of the State, which may include, but need not be limited to, healthcare, pharmaceuticals, chemicals, communications, telecommunications, electronics, software, insurance, tourism, transportation, construction, agriculture, and biotechnology.
L.1995,c.207,s.3.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-83 - Assistance to key industries

34:1B-83. Assistance to key industries
4. The commissioner may undertake to act through the Division of Economic Development, or through a nonprofit entity which may include a nonprofit corporation organized to implement the recommendations of the economic master plan commission, to assist key industries with:
a. The creation of industry sector networks and the development of a program designed to train persons who would assist in the formation of such networks;
b. The development of industry related markets;
c. The establishment of industry related training and education programs;
d. The improvement of industry products or quality of services;
e. The development of solutions to industry problems that hinder the marketing of products or services;
f. The adoption of policies to assure that industry proprietary information remains confidential; and
g. Such other industry problems or opportunities that may arise or be so identified.
L.1995,c.207,s.4.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-84 - Coordination, cooperation with programs, organizations

34:1B-84. Coordination, cooperation with programs, organizations
5. In implementing the goals of section 4 of this act, the commissioner shall encourage the division or a designated nonprofit entity, as the case may be, to coordinate efforts with existing economic development programs and to cooperate with other public and private organizations, which may include, but need not be limited to, State and local agencies and commissions involved with business network development, utility companies, industry trade and business groups or associations, or private sector nonprofit groups organized to promote economic development in the State.
L.1995,c.207,s.5.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-85 - Private industry membership fees for sector networks

34:1B-85. Private industry membership fees for sector networks
6. To the extent that the commissioner acts pursuant to section 4 of this act, the commissioner shall encourage industry sector networks to support their network activities with private industry membership fees to enable the networks to be self-supporting, and shall encourage members of particular industry sector networks to adopt, by mutual agreement of the members, a schedule of fees to be paid by members of the particular network.
L.1995,c.207,s.6.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-86 - Allocation of matching funds

34:1B-86. Allocation of matching funds
7. The commissioner may allocate matching funds to help an industry sector network with network start-up costs and activities in order to stimulate private sector financing to promote self-sufficient networks.
L.1995,c.207,s.7.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-87 - Rules, regulations

34:1B-87. Rules, regulations
8. The commissioner shall, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), adopt any rule and regulation necessary to effectuate the purposes of this act.
L.1995,c.207,s.8.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-89 - Findings, declarations relative to business relocations

34:1B-89. Findings, declarations relative to business relocations
2. The Legislature finds and declares that:
a. A 1993 survey of business relocations reveals that business relocations to New Jersey came from 12 other states and nine foreign locations;
b. Intra-regional moves accounted for over three-fourths of the business relocations with 56 businesses moving to this State from New York, and eight from New England and Pennsylvania;
c. Businesses which relocated to New Jersey represent a wide variety of industries including manufacturing, transportation, financial services and other service industries;
d. Testimony taken during hearings held by the General Assembly Task Force on Business Retention, Expansion and Export Opportunities revealed that other states have been much more aggressive than New Jersey in promoting business relocations through telemarketing, direct mail and "on site" visits to promote business relocations from other states and foreign locations; and
e. It is, therefore, in the public interest for New Jersey to participate in the organization of State Relocation Missions and Foreign Relocation Missions in order to compete more effectively with what other states are doing to promote business relocations from other states and foreign locations.
L.1995,c.208,s.2.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-90 - Establishment of State Relocation Missions, terms defined

34:1B-90. Establishment of State Relocation Missions, terms defined
3. The Department of Commerce and Economic Development, hereinafter "the department," acting through the Division of Economic Development, or through a nonprofit entity designated by the department which may include a nonprofit corporation organized to implement the recommendations of the economic master plan commission, is authorized to work with private sector businesses to develop public-private partnerships to establish State Relocation Missions in regions of the United States which are competitive with New Jersey. As used in this section, "economic master plan commission" means the New Jersey Economic Master Plan Commission established pursuant to Executive Order No. 1 issued by the Governor on January 18, 1994. The purpose of these missions, which shall utilize the resources of interested public utilities, county economic development departments, industry sector networks, New Jersey firms and private sector nonprofit groups involved in promoting economic development in the State, shall be to recruit companies to New Jersey which have expressed an interest in relocating to other states. As used in this section, "industry sector network" means clusters of two or more businesses that are (1) within an industry that makes or could make an important contribution to the economy of the State, which may include, but need not be limited to, healthcare, pharmaceuticals, chemicals, communications, telecommunications, electronics, software, insurance, tourism, transportation, construction, agriculture, and biotechnology, and (2) working jointly to manufacture, sell or market products, develop technologies or create or disseminate information.
L.1995,c.208,s.3.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-91 - Establishment of Foreign Relocation Missions

34:1B-91. Establishment of Foreign Relocation Missions
4. The department, acting through the Division of International Trade, or through a nonprofit entity designated by the department which may include a nonprofit corporation organized to implement the recommendations of the economic master plan commission, is authorized to work with private sector businesses to develop public-private partnerships to establish Foreign Relocation Missions in addition to the existing foreign offices established by the department. As used in this section, economic master plan commission means the New Jersey Economic Master Plan Commission established pursuant to Executive Order No. 1 issued by the Governor on January 18, 1994. The department may consult with the Port Authority of New York and New Jersey and the Delaware River Port Authority, as well as other public and private organizations, including private sector nonprofit groups involved in promoting economic development in the State to jointly develop relocation missions to recruit foreign companies to New Jersey which have expressed an interest in relocating from their present countries. The department shall strive, to the extent feasible, to utilize the resources of private sector businesses involved in the public-private partnerships developed pursuant to this section and to arrange for the sharing of office space, personnel and equipment with other public and private organizations which may have established offices in foreign locations in order to reduce the costs of establishing the Foreign Relocation Missions.
L.1995,c.208,s.4.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-92 - Report to Governor, Legislature

34:1B-92. Report to Governor, Legislature
5. The department shall, within 18 months following the effective date of this act, submit a report to the Governor and the Legislature describing the efforts made by the department, or a designated nonprofit entity, to promote public-private partnerships to develop State and foreign relocation missions, the total number of such missions established and any recommendations for legislation to better effectuate the goals of this act.
L.1995,c.208,s.5.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-94 - Findings, declarations relative to export financing.

34:1B-94 Findings, declarations relative to export financing.
2. The Legislature finds and declares that:
a. Currently, despite the existence of banks with active international export departments, small and medium-sized businesses in New Jersey find it difficult to obtain pre-export financing and other export finance services needed to defray the costs of potentially profitable orders.
b. Although there is currently a State-sponsored export working capital program for small and medium-sized businesses and an export loan guarantee program offered in conjunction with participating banks, relatively few transactions have been approved under these programs.
c. The public interest calls for encouraging the growth of exports and small and medium-sized businesses as well as providing stimulation to the economy and to employment by the creation of an export financing company supported by both public and private funds.
d. The public funding of an export financing company shall be accomplished by the purchase of stock or an interest in the company, as the case may be, by the New Jersey Economic Development Authority and other public entities involved in international export markets, such purchases to be specifically limited as to the percentage of participation.
e. The capitalization of the export financing company would be so structured that the New Jersey Economic Development Authority and other public entities would incur minimal risk on their investment, with private investors assuming most of the risk and earning more of the profits should the new venture prove successful.
L.1995,c.209,s.2; amended 1999, c.38, s.1.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-95 - Definitions.

34:1B-95 Definitions.
3. As used in this act:
"Authority" means the New Jersey Economic Development Authority, established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4).
"Commissioner" means the Commissioner of Commerce and Economic Development.
"Department" means the Department of Commerce and Economic Development.
"Export financing company" means a private corporation or limited liability company incorporated or organized for the purpose of financing the export activities of small or medium-sized businesses.
"Limited liability company" means a company organized pursuant to the "New Jersey Limited Liability Company Act," P.L.1993, c.210 (C.42:2B-1 et seq.).
"Small or medium-sized business" means a business enterprise, which has its principal place of business in this State, is independently owned and operated as a sole proprietorship, partnership, corporation, or limited liability company with a level of gross income from operations defined by the authority as a small or medium-sized business.
L.1995,c.209,s.3; amended 1999, c.38, s.2.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-96 - Investment of moneys in export financing company.

34:1B-96 Investment of moneys in export financing company.
4. The authority is authorized, notwithstanding any law to the contrary, to invest such moneys from the "Economic Recovery Fund," established pursuant to section 3 of P.L.1992, c.16 (C.34:1B-7.12), or from other export or business assistance programs administered by the authority, as may be available and which the authority deems appropriate for the purposes of this act, in an export financing company, hereinafter "the company," to be incorporated or organized pursuant to the provisions of this act, which, together with those investments which may be made in the stock or interest of the company by other public entities involved in international export markets that may include, but not necessarily be limited to, the Delaware River Port Authority and the Port Authority of New York and New Jersey, shall be at a minimum amount to be determined by the authority. The moneys shall be used for the purchase of stock or an interest in the company, provided that the class of stock or interest purchased by the authority and other public entities shall be of such type and character as to require the company to repay the investment of funds from the authority and other public entities prior to the repayment of funds from private sources, but in no event shall the amount of such stock or interest purchased by the authority and other public entities exceed 49% of the total outstanding stock or total shared interest of the company. The authority is authorized in its discretion to sell or otherwise dispose of the stock or interest purchased by the authority as shall be in the interest of the authority but the authority shall sell or otherwise dispose of the stock or interest no later than three years after the date of purchase.
Nothing in this act shall be construed to preclude the company from being organized as a limited liability company or to preclude the authority and other public entities involved in international export markets from purchasing an interest in such a limited liability company provided that the interest purchased by the authority and other public entities shall not exceed 49 percent of the total shared interest of the company, and provided that the operating agreement of the company grants the authority and any other public entity the right to resign and receive a distribution, representing the fair value of the authority's or public entity's interest in the company, prior to the resignation of and distribution to any private members.1
L.1995, c.209, s.4; amended 1999, c.38, s.3; 2007, c.39, s.3.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-97 - Qualification as export financing company.

34:1B-97 Qualification as export financing company.
5. In order to qualify as an export financing company eligible to be the subject of an investment by the authority and by the other public entities involved in international export markets, a company shall:
a. Have a board of directors or board of trustees appropriate to the form of incorporation or organization of the company consisting of: (1) the commissioner and the chairman of the authority, who shall be members ex officio; and (2) representatives of export trading companies, banking and other financial institutions, and other representatives of the private sector, who shall be selected by private stockholders or members, and who shall constitute the majority of the membership of the board.
b. Retain the services of an independent commercial auditor:
(1) to determine the extent to which funds made available to the company for its purposes have been expended in a manner that is consistent with the purposes of this act and the charter or operating agreement of the company; and
(2) to prepare and submit to the Legislature, the State Treasurer, the authority and the other public entities participating in the purchase of stock or an interest in the company, an independent certified statement annually containing the findings and determinations of such auditor.
c. In connection with the investment of authority moneys in the company pursuant to this act, solicit other forms of support, such as grants from the federal government or from other public and private sources, and make available its stock or a shared interest for purchase by private entities.
L.1995,c.209,s.5; amended 1999, c.38, s.4.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-98 - Purpose of company

34:1B-98. Purpose of company
6. a. The company shall have as its purpose the making of loans and loan guarantees to small or medium-sized businesses to assist in their export activities. Such loans and loan guarantees shall include, but not be limited to, pre-export financing and working capital loans. The criteria for the making of loans and loan guarantees shall be "transaction" based, that is to say, based upon the project in question rather than upon the assets which the business receiving the loan or loan guarantee possesses.
b. The company shall also have as its purpose the providing of other export-related services as its board may from time to time approve.
c. The company shall also have as an authorized purpose the entering into agreements with financial institutions, to the extent feasible, in order to assist in the making of loans and loan guarantees by the company and in the perfecting of related matters.
d. The company shall actively solicit, to the extent feasible, the involvement of private banks, other lending institutions and the private insurance market to assist the company in the lending process and in providing the export-related services required by small or medium-sized businesses.
L.1995,c.209,s.6.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-102 - Findings, declarations relative to business directories, public-private cooperation

34:1B-102. Findings, declarations relative to business directories, public-private cooperation
2. The Legislature finds and declares that:
a. Hearings held by the General Assembly Task Force on Business Retention, Expansion and Export Opportunities revealed that many companies buy products or services from out-of-state businesses because they are unaware that such goods or services are available from companies within this State, often at a substantial discount from the costs of purchasing the same goods or services from out-of-state companies;
b. While the Division of International Trade in the Department of Commerce and Economic Development has developed directories useful for trade purposes which highlight certain selected industries in this State, cutbacks in staff and the limited resources of the department impede its efforts to develop and promote a more comprehensive set of State and regional business directories that could promote the sale of New Jersey's goods and services to other companies within the State as well as to companies in other states and foreign locations; and
c. Given the importance to the State's economy of encouraging the purchase of goods and services from New Jersey businesses, it is in the public interest for the State to place a priority on encouraging the development and use of comprehensive business directories and to undertake public-private cooperation in promoting the purchase of products and services produced in this State.
L.1995,c.210,s.2.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-103 - New Jersey Purchase First Program

34:1B-103. New Jersey Purchase First Program
3. There is established, within the Department of Commerce and Economic Development, hereinafter "the department," the New Jersey Purchase First Program, hereinafter "the program." The purpose of the program shall be to promote and develop markets for New Jersey's goods and services by encouraging private sector businesses to produce and distribute comprehensive State and regional business directories , hereinafter, the "directories," and by coordinating its efforts with privately funded campaigns to stimulate and encourage businesses and industries to buy goods and services produced in this State. The program shall be administered by the department in consultation with the New Jersey Economic Development Authority established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4).
L.1995,c.210,s.3.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-104 - Development, distribution of directories; "industry sector network" defined

34:1B-104. Development, distribution of directories; "industry sector network" defined
4. a. In order to implement the purpose of the program, the department shall, within one year of the effective date of this amendatory and supplementary act, consult with New Jersey business groups in order to develop ways to stimulate the development of directories by the private sector. The groups to be consulted may include, but need not be limited to, the New Jersey Business and Industry Association, the New Jersey State Chamber of Commerce, the South Jersey Chamber of Commerce, municipal chambers of commerce, State and local economic development agencies, other local business groups, regional offices of the department, private sector nonprofit entities organized to promote economic development in the State, and community college associations.
The department shall provide advice, based on its experience in producing departmental business directories, to business and trade groups and associations in order to facilitate the development of comprehensive business directories, to the greatest extent possible, through private sector financing.
b. The directories shall include, but not necessarily be limited to, a catalog of New Jersey manufacturing, supply, distribution and service businesses by product or service description, as appropriate, in a manner to be determined by the commissioner of the department in consultation with the business groups enumerated in subsection a. of this section. The directories shall be available for purchase by businesses throughout the State and outside the State.
c. The department shall encourage private sector businesses, private sector nonprofit entities, regional groups or partnerships and industry sector networks to make the directories available as soon as practicable and to implement steps to inform the business community throughout the State of the benefits of using the directories to purchase goods and services from New Jersey businesses. As used in this section, "industry sector network" means clusters of two or more businesses that are (1) within an industry that makes or could make an important contribution to the economy of the State, which may include, but need not be limited to, healthcare, pharmaceuticals, chemicals, communications, telecommunications, electronics, software, insurance, tourism, transportation, construction, agriculture, and biotechnology, and (2) working jointly to manufacture, sell or market products, develop technologies or create or disseminate information.
L.1995,c.210,s.4.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-105 - Report to Governor, Legislature

34:1B-105. Report to Governor, Legislature
6. Within 24 months of the effective date of this amendatory and supplementary act, the commissioner shall report to the Governor and the Legislature on the outcome of the program authorized under this amendatory and supplementary act, including any recommendations regarding the improvement and expansion of the program.
L.1995,c.210,s.6.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-106 - Rules, regulations

34:1B-106. Rules, regulations
7. The department may adopt, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), rules and regulations as may be necessary to effectuate the purposes of this amendatory and supplementary act.
L.1995,c.210,s.7.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-112 - Short title.

34:1B-112 Short title.
1. This act shall be known and may be cited as the "Business Retention and Relocation Assistance Act."
L.1996,c.25,s.1; amended 2004, c.65, s.1.