New Jersey § 34:1b-7

§ 34:1b-7.

The Legislature finds and determines that limitations on the availability of loan

funds from financial institutions has seriously impeded the development and completion

of many economic development projects, including the expansion of manufacturing operations

and high technology business ventures, the development of infrastructure and transportation

improvements to stimulate economic development, and cultural, recreational and tourism

facilities or improvements; that it is in the public interest to establish an Economic

Recovery Fund to enable the State to make direct investments in economic development

projects, to establish new programs to assist small business, and to leverage moneys

for economic recovery in the most effective and creative manner through such mechanisms

as public-private partnerships, grants, guarantees and direct loans; and that the

Economic Development Authority is the appropriate entity to implement the goals of

a diverse economic recovery program.