New Jersey § 34:1b-94

§ 34:1b-94.

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.