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History
- Referred to commerce, economic development and small business
- Referred to commerce, economic development and small business
Full text
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Sponsor's memo
Title of bill
An act to amend the economic development law, the public authorities law and the New York state urban development corporation act, in relation to providing a preference to small businesses and entrepreneurs in the award of state economic development assistance
Purpose or general idea of bill
To require that State economic development agencies give preference to the small businesses and entrepreneurs in the award of State economic development assistance.
Summary of specific provisions
This bill would direct the Department of Economic Development, the Job Development Authority, the New York State Office of Science, Technology and Academic Research and the Urban Development Corporation to give preference to small businesses and entrepreneurs seeking State economic development funds.
This bill would require that within each statutory economic development program, the State agency or authority actively market the program to small businesses and entrepreneurs, assist small businesses and entrepreneurs in accessing the program, and in the review of applications for program funds, give priority to those applications from small businesses and entrepreneurs. The bill would also require each State economic development agency to report annually on activities undertaken to provide small businesses and entrepreneurs with a preference in the award of funds, and to list those businesses and entrepreneurs.
This bill would amend the economic development law, the public authorities law with respect to the Job Development Authority and the New York State Office of Science, Technology and Academic Research and the Urban Development Corporation Act.
Justification
Small businesses and entrepreneurs create eight out of every ten new jobs in New York State. Although many State economic development programs have been created specifically to assist small businesses and entrepreneurs in creating or retaining jobs, in reality larger businesses often have a competitive advantage in accessing State assistance, with greater levels of resources and in-house expertise. Often times state economic development agencies also display a clear preference for larger, higher-profile capital projects at the expense of small business formation and growth.
This bill would vest each State economic development agency and each State economic development program with the mission of ensuring that small businesses and entrepreneurs are provided with the information and assistance they require accessing every state economic development program. The bill would also direct each state economic development agency to evaluate applications for financial assistance with the goal of ensuring that small businesses and entrepreneurs receive priority consideration in the award of limited state funds.
By establishing a clear preference in the award of State economic development funds to small businesses and entrepreneurs, the state may more effectively target its limited economic development resources to those businesses in greatest need of assistance and with greatest job creation potential. PRIOR LEGISLATIVE HISTORY :
2004: Senate Commerce Cmte./Passed Assembly 2005-06: Senate Commerce Cmte./Passed Assembly 2007-08: Passed Senate/Passed Assembly
Fiscal implications
No fiscal implications have been identified.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.