New Jersey § 34:1b-66

§ 34:1b-66.

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; 1 (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. 1

N.J.S.A. § 34:1B-68.