Oroho Legislation to Help Disabled Veteran Business Owners Advance

Sen. Steve Oroho’s legislation to secure a share of New Jersey Infrastructure Bank (NJIB)-funded projects for small businesses owned by disabled veterans was passed today by the Senate Environment and Welfare Committee. ‘energy.

Sen. Steve Oroho’s legislation to secure a share of New Jersey Infrastructure Bank (NJIB)-funded projects for small businesses owned by veterans with disabilities has passed the Senate Environment and Energy Committee. (SenateNJ.com)

“Veterans who have been disabled due to service to our country deserve special consideration,” said Oroho (R-24). “This legislation will help provide dollars and opportunities to veterans who have been injured and are now in the contracting business or providing services or materials for government projects.”

Currently, when a project receives money from the NJIB, local government units are required to award at least 10% of any contract for construction, materials or services to businesses owned and operated by members of socially responsible groups. and economically disadvantaged.

Oroho’s bill (S-2576) is revising the law to include disabled veterans, as defined by the federal small business law, in the category.

“It will give veterans a chance to compete for projects without closing the door on others,” Oroho said. “The federal government has made a commitment to Disabled Veteran-Owned Small Businesses (SDVOSB), with the goal of providing them with a minimum of 3% of all federal contract dollars. Now, New Jersey will step in to show its gratitude and to help strengthen the economic position of eligible veteran-owned businesses.

Additionally, for projects that receive federal funding, Oroho’s measure would provide that the percentage of contracts awarded to service-disabled veterans would equal participation targets established by the Small Business Act.

The Infrastructure Bank of New Jersey is a financing authority independent of the state, but not of the Treasury, authorized to issue revenue bonds to make loans to finance the construction of qualifying environmental and transportation infrastructure projects.

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