New Jersey's 26th Legislative District

Senator Joe Pennacchio

Senator Joe Pennacchio

Advanced: Pennacchio Bill to Help Small Businesses Compete

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The Senate Budget and Appropriations Committee advanced legislation sponsored by Senator Joe Pennacchio (R-Morris) aimed at helping small businesses grow by giving them a chance to compete for state and federal contracts.

Sen. Joe Pennacchio’s legislation would create a new program in the NJEDA to help small businesses grow and compete for government contracts. (NJEDA)

The legislation, S-123, would establish a “Small Business Bonding Readiness Assistance Program” through the Economic Development Authority, which would provide support to small businesses and help them meet requirements to obtain surety bonding, which is needed before they can bid on public contracts.

“Public contracts offer our small companies a great chance to get to work and grow their business,” Senator Pennacchio said. “If red tape is getting in their way from bidding on those contracts, we should do whatever we can to help them get through it.”

The program is designed to increase the capacity of small businesses by improving their financial presentation, operational efficiency profitability, bonding capacity and knowledge through consulting sessions and workshops. The authority would be required to establish a special nonlapsing revolving fund to provide grant funding to small businesses that participate in the program.

“When more businesses are able to compete for these contracts, the prices go down,” Senator Pennacchio said. “This bill saves the taxpayers of New Jersey some money while making the state friendlier for job creators so they can build and grow their businesses.”

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