Legislation sponsored by Assemblywoman Pamela Lampitt to expand the scope and reach of small, women- and minority-owned businesses throughout New Jersey by providing loans through the New Jersey Economic Development Authority was approved Monday by an Assembly panel.
“Statistics show that women- and minority-owned businesses generate noticeably less revenue than small businesses as a whole,” said Lampitt (D-Camden/Burlington). “This isn’t because they aren’t as bright or innovative as other business owners. Many times it’s because loans and investment capital are harder to come by, putting these businesses at a disadvantage from the get-go. Rebuilding our economy depends on our ability to invest in small, women- and minority-owned businesses in surrounding urban regions.”