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History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Full text
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Sponsor's memo
BILL NUMBER:S1253
Title of bill
An act to amend the New York state urban development corporation act, in relation to the small business regional revolving loan trust fund and the small business regional revolving loan program
Purpose or general idea of bill
The purpose of this bill is to improve small business job opportunities within the state.
Summary of specific provisions
Section One provides statement for legislative intent and renames the Regional Revolving Loan program to the "Small Business Regional Revolving Loan Program."
Section Two provides process for audit and proposal requests.
Section Three repeals and re-letters sections of the UDC.
Section Four amends subsection (12) of §16-a of the UDC.
Section Five provide purposes for refinancing existing loans of debts.
Section Six provides terms and conditions for usage of funds.
Section Seven provides effective date.
Justification
Small businesses are the economic backbone of the state and a significant source of jobs. However, they often have difficulty obtaining small amounts of capital from traditional banking organizations. These funds are often critical to start-up, improve, or expand operations. However, State assistance in the form of loans address these capital needs would enable the formation and expansion of small businesses across the State. The result would be a reinvigorated small business climate able to sustain both ways and job growth. Renaming the Regional Revolving Loan program to the Small Business Regional Revolving Loan Program will reinforce the intent of the program to as a catalyst for growing small business. This legislation would ensure a more efficient and effective system for providing such loans, by utilizing regional not-for-profit corporations that are knowledgeable about local businesses and economic conditions.
Prior legislative history
S.1823 of 2011-12 - Referred to Corporations Authorities & Commissions S.3443A of 2009-10 - Referred to Corporations Authorities & Commissions; Reported to Finance A.9128 of 2007-2008 - Passed Assembly & Referred to Corporations, Authorities & Commissions in the Senate
Fiscal implications for state and local governments
Undetermined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.