Legislation in New Jersey that would assist women- and minority-owned businesses has passed the Assembly.
A 42-29 vote approved the creation of a Small Business and Minority Linked Deposit Program, the Gloucester County Times reports, to help those businesses get loans at reduced interest rates.
There are some stipulations, of course. Loans can’t exceed $200,000 and the 3 percent reduced interest rates applies only to the first two years of a loan. Money for the program would come from the State of New Jersey Cash Management Fund.