N.J. Admin. Code § 19:31E-1.4

Current through Register Vol. 56, No. 12, June 17, 2024

Section 19:31E-1.4 - Application and review

(a) A small business, microbusiness, or microbusiness lender seeking financing through a product established in the program shall submit an application that shall be available on the Authority's website at www.njeda.com or by contacting the Authority.

(b) A completed application includes:

1. The name of the applicant;

2. The contact information of the applicant;

3. Except for loans to microbusiness lenders, the prospective future address of the applicant (if different);

4. The organizational type of the applicant;

5. The principal products and services and three-digit North American Industry Classification System number;

6. The New Jersey tax identification number;

7. The Federal tax identification number;

8. The most recent three Federal tax returns filed;

9. Except for loans to microbusiness lenders, the total number of full-time and part-time employees of the applicant, in New Jersey at the time of application, and three months prior to the submission of the application;

10. Except for loans to microbusiness lenders, the comprehensive list of the applicant's locations in New Jersey and the function performed at each location;

11. A completed legal questionnaire disclosing all relevant legal matters in accordance with the Authority debarment and disqualification rules at N.J.A.C. 19:30-2;

12. Submission of a tax clearance certificate, pursuant to P.L. 2007, c. 101;

13. For any grant product pursuant to N.J.A.C. 19:31E-1.3(a), including, but not limited to, the small business improvement grant product and the small business lease grant product, WR 30, payroll reports, or equivalent documentation for the quarter preceding submission of application;

14. For the small business improvement grant product, an application shall include:

i. Executed lease or recorded deed evidencing site control of the relevant property;

ii. Documentation evidencing proof of past or proposed eligible capital improvements; and

iii. If the property is leased, evidence that the landlord has granted the applicant the right to make the capital improvements;

15. For the small business lease grant product, an application shall include:

i. A copy of the lease for the relevant property, which must include square footage and rent; and

ii. For applicants who have already expanded or renewed their lease, or who are seeking to expand or renew their presently leased space, documentation that the applicant is current on rent payments;

16. For microbusiness lenders, an application shall include:

i. A comprehensive description of the applicant's lending portfolio that demonstrates the applicant's lending experience with microbusinesses and capacity to lend to microbusinesses;

ii. A description of the applicant's experience working in communities and business segments underserved by the banking sector; and

iii. For products that include a grant to provide technical assistance to microbusinesses, a description of the applicant's capacity to provide the technical assistance;

17. A certification under the penalty of perjury from the applicant, or an authorized agent of the applicant, that the information provided in the application is true; and

18. Any other necessary and relevant information as determined by the Authority for any product or for a specific application.

(c) The Authority shall conduct a review of the applications commencing with the completed application bearing the earliest submission date. If interest in a product so warrants, at the Authority's discretion and upon notice, the Authority may institute a competitive application process whereby all completed applications submitted by a date certain will be evaluated as if submitted on that date. The review of a submitted application will determine whether the applicant:

1. Complies with the eligibility criteria;

2. Satisfies the submission requirements; and

3. Provides adequate information for the subject application.

(d) Before the Authority may approve an eligible business's application:

1. The Authority will confirm with the New Jersey Department of Labor and Workforce Development, Department of Environmental Protection, and the Department of the Treasury that the applicant is in compliance by being in substantial good standing with the statutes, rules, and other enforceable standards of the respective department, or, if a compliance issue exists, the eligible business has entered into an agreement with the respective department that includes a practical corrective action plan, as applicable.

i. Substantial good standing shall be determined by each department and mean, at a minimum, that the eligible business:

(1) As to the Department of Labor and Workforce Development and the Department of Environmental Protection:

(A) Is in substantial compliance with all material statutes, rules, and other enforceable standards of the respective department that apply to the eligible business; and

(B) Has no material violations of those statutes, rules, or other enforceable standards that remain substantially unresolved through entry into a corrective action plan, or other agreement with the department, with respect thereto; and

(2) As to all other departments, has no unpaid liability in excess of any threshold dollar amount(s) that may be established by each respective department.

ii. If the Department of Labor and Workforce Development, the Department of Environmental Protection, or the Department of the Treasury promulgates or issues its own more stringent rule or standard defining the term "substantial good standing," the respective department shall use such rule or standard to determine whether a business is in substantial good standing.

2. The Authority shall confirm that the applicant is in good standing on all financial assistance received from the Authority.

3. The Authority may contract with an independent third party to perform a background check on the eligible business.

(e) Upon completion of the review of an application pursuant to this section, the Authority shall determine whether or not to approve the application and the amount of assistance to be granted. The Authority shall notify the applicant of the determination. For a loan product, the Authority shall issue a commitment letter, and the award of the financial assistance will be subject to terms and conditions in the commitment letter.

N.J. Admin. Code § 19:31E-1.4

Recodified from 19:31-5.4 56 N.J.R. 807(a), effective 5/6/2024