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History
- Referred to corporations, authorities and commissions
Companion bill
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Requires the small business revolving loan fund to issue a certain percentage of its remaining principal or further appropriations to micro loans and micro seed loans
In Assembly Committee · Small Business · Sponsor Micah Kellner
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7231
Title of bill
An act to amend the New York state urban development corporation act, in relation to requiring the small business revolving loan fund to issue a certain percentage of its remaining principal or further appropriations to micro loans and micro seed loans
Purpose
The purpose of this bill is to increase micro loans and micro seed loans from existing and future funds in the small business revolving loan fund.
Summary of provisions
Section 1 amends Subdivision 3 of section 16-t of section 1 of chapter 174 of the laws of 1968 as added by section 1 of part N of chapter 59 of the laws of 2010 by creating a new category of loan, micro seed loans, that have a principal amount less than five thousand dollars; making the definition of micro loans consistent; requiring that not less than fifteen percent of any remaining principal or further appropriation to the small business revolving loan fund shall be set aside for micro loans and not less than five percent of any remaining principal or further appropriation to the small business revolving loan fund shall be set aside for micro seed loans.
Justification
The small business revolving loan fund is meant to provide loans to small and micro businesses that need capital and have difficulty accessing credit markets. The 2010-11 budget provided $25 million in state funds and leveraged an additional $25 million in private matching funds. The latest available data indicates that the fund has disbursed approximately $10.5 million to small businesses through December 2011. Of that $10.5 million however, only $1.8 million (approximately 17%) has been awarded to micro loans of less than $25,000.
This bill will increase the number of micro loans and micro seed loans made by the small business revolving loan fund.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.