a. The authority may make long-term or short-term loans or other extensions of credit
to eligible businesses under terms and conditions established by the authority. The authority shall establish uniform underwriting standards for loans and other
extensions of credit, which shall include minimum equity requirements, and the use
by the businesses of an approved accounting system. The authority may, either as a condition of granting the loan or at any time during
the term of the loan, and in conjunction with the Commissioner of the Department of
Commerce and Economic Development, require the use by the businesses of technical
assistance approved by it.
b. The authority may cooperate with the New Jersey Economic Development Authority
and the federal Small Business Administration in arranging assistance for eligible
businesses or may participate with these agencies in providing loans or other extensions
of credit to eligible businesses.
c. The authority may contract with any depository institution to maintain a portion
of its funds on deposit for a specified period of time at a specified rate of interest
as part of an arrangement whereby the depository institution agrees to make loans
or other extensions of credit to eligible businesses, except that the compensating
balance so deposited shall not be treated as a guarantee.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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