Pennacchio Highlights Success of Law to Help Small & Minority-Owned Business Compete

Senator’s Bill Created Small Business Bonding Readiness Assistance Program

Senator Joe Pennacchio said he was proud of a 2017 law he sponsored in close coordination with the African American Chamber of Commerce of New Jersey (AACCNJ) that has helped small businesses owned by women and minorities to succeed in New Jersey.

Pennacchio’s legislation (S-123) creating the Small Business Bonding Readiness Assistance Program was signed into law by former Governor Chris Christie at an event at the AACCNJ headquarters in Trenton on January 4, 2017.

“This program was the result of a successful bipartisan effort that we led in close coordination with the AACCNJ,” said Pennacchio (R-26). “Our goal was to help small and minority-owned businesses cut through bureaucratic red tape and provide support to help them meeting surety bonding requirements to bid on public contracts. I’m proud of our partnership with the AACCNJ and the success of the program we developed to help small business to compete, grow, and create new jobs.”

The success of the Small Business Bonding Readiness Assistance Program was touted in a press release today by the New Jersey Economic Development Authority (NJEDA) and the AACCNJ.

“This program has empowered minority businesses in distressed communities by ensuring they have the tools and information they need to compete,” added Pennacchio. “As these small businesses flourish, so will communities across New Jersey.”