New Jersey Administrative Code
Title 10 - HUMAN SERVICES
Chapter 97 - THE BUSINESS ENTERPRISE PROGRAM OF THE NEW JERSEY COMMISSION FOR THE BLIND AND VISUALLY IMPAIRED
Subchapter 3 - LICENSING OF MANAGERS
Section 10:97-3.5 - Commission loans to start a business; repayment of loans
Current through Register Vol. 56, No. 18, September 16, 2024
(a) When a manager is assigned to a business enterprise, a non-interest bearing loan in the maximum amount of $ 4,000 in cash and/or equivalent stock may be granted by the Commission, upon request of the manager and recommendation of the Business Enterprises New Jersey Manager, for the initial stock and supplies of the business enterprise.
(b) Repayment may be deferred until the first day of the fourth month after the effective date of the promissory note. The manager will be required to repay the loan, on a monthly basis, within 36 months.
(c) Exceptions to the maximum loan and any subsequent loans may be granted by the Executive Director of the Commission upon written request of the manager, including justification that relates to the objectives of the program.
(d) If a second loan is issued concurrently with initial loan, a second three-month extension will not be added.
