Houghtaling & Downey Bill to Spur Creation of Small Businesses Signed into Law

TRENTON -- Legislation sponsored by Monmouth County Assembly Members Eric Houghtaling and Joann Downey to help spur the creation of small businesses and empower individuals with the tools to become self-sustaining entrepreneurs has been signed into law.

The law (A-3333) provides assistance for certain individuals who own or are starting a microenterprise business. A microenterprise is a commercial enterprise that has five or fewer employees, one or more of whom owns the enterprise.

“So many people in New Jersey have the will and resolve to be business owners, but they just don’t know how to navigate what can be an overwhelming process,” said Houghtaling (D-Monmouth). “With the right training and resources, the state can transform men and women with good ideas and a spirit of entrepreneurship into job creators.”

According to a report from the Corporation for Enterprise Development, very small businesses, or microenterprises, represent more than 80 percent of all businesses in the country, and are a key job creation strategy in communities with weak job prospects. But many of these business owners lack the resources needed to successfully start and grown their businesses. The Aspen Institute estimates that there are 20 million Americans who operate microenterprises, and that at least half of these micro-entrepreneurs, including women, minorities, low-income individuals and people with disabilities, face disadvantages in establishing and operating their own businesses.

"Here in Monmouth County we've seen so many small business owners achieve incredible success, and we should continue nurturing that spirit of innovation and entrepreneurship," said Downey (D-Monmouth), "This law will empower residents, and keep our Main Street business economies growing and flourishing."

The law amends the counseling requirements to be offered at One Stop Career Centers to include an evaluation of an individual’s ability to engage in self-employment training, information about self-employment training opportunities and information about the success of past participants in such training. It also clarifies that individuals seeking to embark upon microenterprise self-employment ventures will be counseled by qualified business counselors rather than qualified job counselors.