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Who cares
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Sponsors
1 Co-sponsor
History
- Substituted by A6621B
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1019
- Print number 579c
- Amend and recommit to corporations, authorities and commissions
- Print number 579b
- Amend (t) and recommit to corporations, authorities and commissions
- Print number 579a
- Amend and recommit to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
- Returned to senate
Show 8 earlier actions
- Died in assembly
- Referred to small business
- Delivered to assembly
- Passed senateVote 60–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.650
- 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.
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
Signed by Governor · Sponsor Ron Kim
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the New York state urban development corporation act, in relation to micro-businesses and micro loans
Purpose
The purpose of this bill is to increase loans to micro-businesses stemming from the Small Business Revolving Loan Fund.
Summary of provisions
Section 1 defines a micro-business as a business that employs less than five people. Further, section one directs ESDC to show preference in awarding program funds via the small business revolving loan fund to lending organizations who serve micro-businesses and micro-loans. For approved micro-loans of five thousand or less, application fees shall be waived.
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 all of the funding has been deployed to 19 participating loan providers. The Empire State Development Corporation reports that because of the fund, 1,281 new businesses launched, 4,029 jobs were created, and 4,883 jobs were retained. These outcomes show that the program is vital to the success of small businesses who may have otherwise lacked capital. However, we must ensure that loans from ESDC be set aside for micro-businesses so that every entrepreneur has the opportunity to succeed.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.