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History
- Referred to commerce, economic development and small business
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Sponsor's memo
BILL NUMBER:S7556
Title of bill
An act to amend the economic development law, the state finance law and the New York state urban development corporation act, in relation to making small business loans available to microbusinesses
Purpose
To provide that microbusinesses in New York are eligible for small business revolving loans and the linked deposit interest rate reductions.
Summary of provisions
Section 1 adds a new section 131-a to the economic development law to include the definition of a microbusiness as one that is resident in New York state, independently owned and operated, not dominant in its field, and employs under five persons.
Section 2 amends paragraph f subdivision 11 of section 213 of the state finance law, as added by chapter 705 of the laws of 1993, by adding a new paragraph g stating that a microbusiness (that has been in operation for 5 years and that is located in an empire zone, empowerment zone, a highly distressed area of renewal community) is an eligible business for the purpose of the excelsior linked deposit program.
Section 3 amends section 16-t of section 1 of chapter 174 of the laws of 1968 by adding a new subdivision 16 to provide that $5 million in program funds be available for micro-loans to microbusinesses, which will be eligible to apply in the same manner as other small businesses.
Justification
Microbusinesses have been estimated to constitute around 90% of all businesses within New York State by the Association for Enterprise Opportunity. A microbusiness is a business that has 5 or fewer employees. Given their nature, it is often difficult for microbusiness owners to access capital through lending institutions. A microbusiness can consist of a wide variety of businesses that run from 'mom and pop' shops to start-up tech companies. These businesses are both the backbone and the future of our economy.
Given their prevalence and importance, this bill adds the definition of microbusinesses to the law in order to allow for their inclusion in successful state programs, including the linked deposit program and small business revolving loan fund.
Prior legislative history
None.
Fiscal implications
No additional cost to the state is estimated.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.