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History
- Referred to finance
- Referred to finance
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Establishes the microenterprise development act to assist very small businesses and low-income business people
In Assembly Committee · Ways And Means · Sponsor Dan Quart
Full text
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Sponsor's memo
BILL NUMBER:S4202
Title of bill
An act to amend the economic development law, in relation to microenterprise development; and making an appropriation therefor
Purpose or general idea of bill
Establishes the microenterprise development act to assist very small businesses and low-income entrepreneurs.
Summary of specific provisions
This bill amends the economic development law by adding a new article 9-B. Section 217(a) provides definitions for terms. Section 217(b) (1) requires the commissioner of the department of economic development to establish a grant program for microenterprise technical assistance. In addition, it mandates an annual appropriation of no less than one million dollars. Subparagraph (2) establishes that the organizations receiving funding shall use the grants to provide training and technical assistance to the microenterprise entrepreneurs. Subparagraph (3) provides that not less than fifty percent of the funds made available are used to benefit person whose income is not more than 150% of the poverty line as defined in 42 use 9902(2). Subparagraph (4) requires the training organizations to have received at least one dollar in matching funds for every dollar received from the state. Section 4 of the legislation requires an initial allocation of $1.5 million.
Justification
Development and expansion of businesses in economically distressed communities in both rural and urban areas can assist residents who are unemployed, underemployed or in low-income jobs. Microenterprises are an important factor is addressing this need for development. However, many low-income entrepreneurs lack access to capital, training and technical assistance. This legislation will provide vital funding to local support organizations that can leverage charitable foundation and private sector support, to provide the much needed these entrepreneurs with vital assistance.
The recent awarding of the Nobel Peace Prize to Muhammad Yunus, a pioneer in microfinancing, has brought attention to the lack of financing for these well deserving businesses. An estimated 22 million micro enterprises operate throughout the country, and provide 18% of all private U.S. employment. This legislation will strengthen the state economy by enabling new businesses and giving them the tools needed to succeed.
Prior legislative history
2009-10: A.1639 Referred to Economic Development 2007-08: Referred to Economic Development
Fiscal implications
$1.5 million appropriation.
Effective date
This act shall take effect on the first of July next succeeding the date on which it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.