New law aims to give small businesses greater access to public contracts.
On Jan. 4, 2017, Gov. Chris Christie signed a measure into law that will give New Jersey small businesses more support and resources. The bill, which had bipartisan primary sponsors and co-sponsors, passed the Assembly and Senate unanimously at the end of 2016.
Under the new law, a small business bonding readiness assistance program will be created and administered by the New Jersey Economic Development Authority. Small businesses can then seek various kinds of support from this program, such as help with state and federal contracts as well as securing bonds.
Ultimately, small and minority- and women-owned businesses will have better access to public work opportunities with the enactment of this law. Plus, Christie noted that this kind of support for private sector small businesses would also benefit New Jersey taxpayers because the increased competition for public services contracts will help lower the costs of these projects.