Committee Statement to Assembly, No. 996 with committee amendments - Assembly Commerce (December 14, 2020)

Summary

A statement of the Assembly Commerce and Economic Development Committee to the Assembly on Assembly Bill No. 996 with committee amendments, of the State of New Jersey, dated December 14, 2020. The committee reports the bill favorably and with committee amendments. As amended, the bill would establish a New Jersey Economic Gardening Program providing assistance to existing small businesses that qualify as second-stage growth businesses, including annual revenues of not more than $50,000,000. The bill directs the Business Action Center to establish the program, which would provide personalized counseling or management consulting. The committee amendments remove the minimum amount of annual revenues a business must have to qualify.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                      ASSEMBLY, No. 996
                         with committee amendments



       STATE OF NEW JERSEY
                        DATED: DECEMBER 14, 2020

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 996, with committee
      amendments.
          This bill, as amended by the committee, would establish a New
      Jersey “Economic Gardening Program.” Economic gardening is an
      approach to economic growth and development that provides
      assistance to existing small businesses which qualify as “second-stage
      growth businesses.”
          Under the bill, as amended, a business qualifies as a “second-stage
      growth business” if it:
           has maintained its principal place of business in New Jersey for
              at least the last two years;
           has annual revenues totaling not more than $50,000,000;
           employs at least five but not more than 100 full-time
              employees;
           demonstrates growth in annual revenue or jobs, or both, in two
              of the last five years;
           delivers products or services to customers outside the business’
              local market area or demonstrates the capacity to do so;
           is in a target industry; and
           is organized for profit to perform a lawful, commercial
              function.
          The bill directs the Business Action Center to establish the
      program, and to work in conjunction with the New Jersey Economic
      Development Authority and State, local, and private business
      assistance entities to develop and promote the program.
          The program would provide qualified businesses customized
      services tailored to their needs in the form of personalized counseling
      or management consulting. These services would include:
           review of core business strategies,
           market research and business development, and
           guidance on increasing a business’ visibility and credibility.
                                 2

    The bill authorizes the Business Action Center to partner with
business assistance organizations to provide services to qualified
businesses.
    The bill provides for a General Fund appropriation of an amount
necessary to effectuate the purposes of the bill and allows the Business
Action Center to seek and accept gifts, grants, or donations from
private or public sources for funding the costs of program services.
    The bill requires the Business Action Center to report on the
program annually to the Governor and the Legislature.
    This bill was pre-filed for introduction in the 2020-2021 session
pending technical review. As reported, the bill includes the changes
required by technical review, which has been performed.

COMMITTEE AMENDMENTS:
    The committee amendments remove the minimum amount of
annual revenues a business must have in order to qualify as a “second-
stage growth business” and be eligible for assistance under the
“Economic Gardening Program,” being established under the bill.


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