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History
- Referred to corporations, authorities and commissions
- Referred to rules
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 requiring the small business revolving loan fund to target and market to veteran-owned enterprises and service disabled veteran-owned enterprises
In Assembly Committee · Small Business · Sponsor Michael DenDekker
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 requiring the small business revolving loan fund to target and market to veteran-owned enterprises and service disabled veteran-owned enterprises
Purpose
The purpose of this bill is to require the small business revolving loan fund in the Empire State Development Corporation to target and market to veteran-owned enterprises and service disabled veteran-owned enterprises.
Summary of provisions
Section 1 amends the New York state urban development corporation act to require the small business revolving loan fund to target and market to veteran-owned enterprises as set forth in 15 U.S.C. section 632(Q)(3), as amended from time to time, and service disabled veteran owned enterprises as set forth in article seventeen-B of the executive law.
Section 2 of the bill establishes the effective date.
Justification
The small business revolving loan fund currently targets and markets to minority and women-owned enterprises. Veterans have contributed significantly to defending the freedoms that we cherish. In recent years the state has increased its specific set-asides for businesses owned by service disabled veteran owned enterprises in recognition of their service and unique contributions. In recognition of their service to the nation, this bill would require the small business revolving loan fund to target and market to veteran-owned enterprises and service disabled veteran-owned enterprises, mirroring similar efforts already underway in the state.
Prior legislative history
New bill
Fiscal implications
There is no cost in adding these veteran-owned enterprises to the eligibility criteria. Increased eligible applicants will likely lead to a need for an increase in the current appropriation level for the revolving loan fund, to ensure that there is not a loss in opportunity for currently eligible applicants. Any such increased appropriations shall be negotiated within the context of the yearly state budget.
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.