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Monday, February 13, 2017

Small Businesses in New Jersey Can Now "Run With the Big Dogs," Thanks to This...

small_businesses_in_new_jersey_can_now_run_with_the_big_dogs
In the state of New Jersey, 98 percent of businesses are small businesses. Although they are important to the overall economy in New Jersey, they are often unable to compete with bigger contractors on public or federal construction and improvement projects because of their size and capacity. So, Governor Chris Christie has introduced and signed Senate Bill 123, which will help small businesses "run with the big dogs."

Senate Bill 123

Senate Bill 123 includes the creation of the Small Business Readiness Assistance Program, lead by the state Economic Development Authority (EDA). The program is designed to make small, minority-owned and women-owned businesses in the state more competitive and able to take on public projects. How? By offering strategic consulting sessions that will teach small businesses how to improve their “financial presentation, operational efficiency, profitability and surety bonding capacity and knowledge.”

Provisions

The Small Business Readiness Assistance Program aims to make surety bonds available to smaller contractors and level the playing field in the contracting industry. Another benefit the program hopes to gain is to increase competition, lower costs and create a more diverse pool of small businesses performing public services.

In addition, two funds will be established in conjunction with the Small Business Readiness Assistance Program.

  • Small Business Bonding Readiness Assistance Fund - will provide financing to any association that will offer assistance and/or support services to the small businesses that participate in the program
  • Enterprise Zone Assistance Fund - will make available further resources for municipalities that undertake public improvements and economic development projects with the help of small businesses.

Governor Christie believes the entire program and provisions of Bill 123 will bring a needed improvement to small businesses as well as to the state of New Jersey.

Read more by visiting www.insurancejournal.com/news/east/2017/01/25/439976.htm
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