N.J. Admin. Code § 19:31F-1.5

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

Section 19:31F-1.5 - Terms of financial assistance

(a) The minimum loan amount from the Fund shall be $ 50,000 and the maximum loan amount from the Fund shall be $ 2,000,000.

(b) The Authority shall determine the term and the interest rate to be charged on a loan from the fund through consideration and official action of the Members at a public hearing.

(c) Factors to be considered in establishing additional interest rate basis points above the floor previously established by the Board may include, among others:

1. The applicant's creditworthiness;

2. The quality of collateral;

3. The number of jobs maintained or expanded in New Jersey;

4. The location/municipality of project;

5. The industry type;

6. The increase in tax ratable values;

7. Leveraging of total project costs to public dollars;

8. Whether the business is new to the State or expanding operation in the State; and

9. Whether the applicant is locating to a former brownfield site.

(d) The Authority shall provide public notice of the loan term and interest rate, including the interest rate floor, to be charged for the Local Development Financing Fund as authorized by the Members through, among other methods, listing on the agency's website at www.njeda.com.

N.J. Admin. Code § 19:31F-1.5

Amended by R.1995 d.435, effective 8/21/1995.
See: 27 N.J.R. 2377(a), 27 N.J.R. 3216(a).
Amended by R.2002 d.223, effective 7/15/2002.
See: 34 N.J.R. 1247(a), 34 N.J.R. 2469(a).
In (c), substituted "three for "five".
Amended by R.2002 d.333, effective 10/7/2002.
See: 34 N.J.R. 2412(a), 34 N.J.R. 3531(a).
In (c), substituted "approval," for "closing" following "time of loan".
Amended by R.2004 d.346, effective 9/20/2004.
See: 36 N.J.R. 2305(a), 36 N.J.R. 4321(a).
In (c), substituted "closing" for "approval".
Amended by R.2008 d.271, effective 9/15/2008.
See: 40 N.J.R. 2659(a), 40 N.J.R. 5247(a).
Rewrote (b) and (c); and added (d).

Recodified from 19:31-7.5 56 N.J.R. 807(a), effective 5/6/2024