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Sponsors
2 Co-sponsors
History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Full text
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Sponsor's memo
BILL NUMBER:S3014
Title of bill
An act to amend the New York state urban development corporation act, in relation to creating the small business energy loan program
Purpose or general idea of bill
A loan program would be established to expand on existing programs operated by the New York State Energy Research Development Authority to make energy audits and energy efficient technology implementation more readily available to small businesses in economically distressed areas. This program would be structured according to the existing NYSERDA low interest loan program, whereby small commercial businesses are eligible to have certified energy audit specialists conduct energy audits of the business and make recommendations for energy efficient activities, upgrades and technology installations. If the business chooses the energy efficient activities and technologies recommended by the audit, the customer could access a low-interest loan fund to reduce the cost of installing such measures.
Summary of specific provisions
This bill would establish a small business energy loan fund to provide zero or low interest loans up to one hundred thousand dollars and loan interest rate reductions to small businesses in economically distressed areas for energy efficiency projects and advanced energy technologies. In order to be eligible to participate in this loan program, small businesses in economically distressed areas must have an energy audit provided through the NYSERDA'S energy audit program that helps small businesses make informed electrical energy decisions and implement energy efficiency strategies
Justification
The state's chronically high energy costs are often cited by businesses as a key factor for why New York-based businesses and New York-made products are not competitive in national and global markets. The state's economic expansion is tied to the growth and development of small businesses. By reducing a primary cost component in a rapidly growing sector of the state's economy, those businesses are rendered more competitive, and thus help to better secure New York based jobs.
Prior legislative history
2005-2006: A.8352 2007-2008: A.5494a (Passed Assembly & Died in Senate)
Fiscal implications
Subject to appropriations.
Effective date
Upon enactment of the bill into law, with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.