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Sponsors
Senator · Senate District 61
No co-sponsors yet.
History
- Referred to corporations, authorities and commissions
- Returned to senate
- Died in assembly
- Referred to small business
- Delivered to assembly
- Passed senateVote 63–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.542
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the small business revolving loan fund program
In Assembly Committee · Small Business · Sponsor William Scarborough
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4359
Title of bill
An act to amend the urban development corporation act, in relation to the small business revolving loan fund program
Purpose of Bill: This bill would enable Empire State Development (ESD) to fully utilize its revolving loan funding by permitting it to reallocate funds to the Small Business Revolving Loan Trust Fund from the Regional Revolving Loan Trust Fund Program, Minority and Women Revolving Loan Trust Fund Program, Micro Enterprise Revolving Loan Trust Fund and Commercial District Revolving Loan Trust fund, provided that loans made with such reallocated funds are made to the types of businesses that would be eligible under the respective program from which the funds were reallocated.
Summary of Provisions:
Section 1 of the bill would amend the Small Business Revolving Loan Trust Fund Program by adding a new subdivision 16, which permits the reallocation of funding to the Small Business Revolving Loan Trust Fund Program from the Regional Revolving Loan Trust Fund Program. Minority and Women Revolving Loan Trust Fund Program, Micro Enterprise Revolving Loan Trust Fund and Commercial District Revolving Loan Trust fund, provided that loans made with such reallocated funds were made to the types of businesses that would be eligible under the respective program from which the funds were reallocated.
Section two of the bill is the effective date.
Existing Law: Currently, the Revolving Loan Trust Fund Programs listed in the bill do not permit reallocation of funding.
Prior Legislative History: This is a new bill.
Statement in Support: The bill would enable ESD to fully utilize its revolving loan program funding by permitting reallocation of funding from several revolving loan fund programs to the Small Business Revolving Loan Fund Program. This will allow ESD greater flexibility to structure transactions that more closely meet changing market requirements, while still servicing the types of businesses that the Revolving Loan Fund Programs from which the funds are being reallocated were intended to benefit.
Fiscal Implications: None to the State.
Effective Date: This bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.