What's happening
This bill creates the NYS Entrepreneurial Training Grant Program to provide business training and grants, prioritizing minorities, women, and veterans.
Why it matters
Expands access to entrepreneurship. By providing training and grants, the program helps individuals who may lack the resources or knowledge to start a business, potentially increasing economic mobility and fostering new small businesses in New York.
Targets underrepresented groups. The program requires that at least 20% of participants are certified minority and women-owned business enterprises, and at least 10% are veterans, aiming to close opportunity gaps and promote diversity in business ownership.
Competitive grant process tied to business plans. Applicants must submit a gradable business plan to qualify, which encourages thoughtful planning and may increase the likelihood that funded businesses will succeed, ensuring public funds are directed toward promising ventures.
Significant local investments. Large cities (population over 1 million) will see up to $5 million allocated, with substantial grant awards of $10,000 each to program graduates, which could have a measurable impact on local economies and community development.
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Fund Entrepreneur Training Grants
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History
- Enacting clause stricken
- Referred to higher education
- Referred to higher education
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.
Fund Entrepreneur Training Grants
In Senate Committee · Education · Sponsor James Sanders Jr.
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3973
2017-2018 Regular Sessions
IN ASSEMBLY
January 30, 2017
Introduced by M. of A. SEPULVEDA -- read once and referred to the Committee on Higher Education
AN ACT to amend the education law, in relation to creating the "NYS entrepreneurial training act of 2017"
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. This act shall be known and may be cited as the "NYS entrepreneurial training act of 2017".
§ 2. The education law is amended by adding two new sections 4608 and 4609 to read as follows:
§ 4608. Entrepreneurial training grant program. 1. There is hereby established within the department an entrepreneurial training grant program. The program shall be formulated by the commissioner and administered by individual participating cities. The purpose of the program shall be to provide grants to eligible applicants to support and train entrepreneurial candidates.
2. In order for an eligible applicant to receive an award of an annual grant an applicant shall submit with its application a gradable business plan for the use of the grant money.
3. A minimum of twenty percent of the participants of the program shall be New York state certified minority and women's business enterprises and a minimum of ten percent shall be veterans of the United States military.
§ 4609. Entrepreneurial training grant program awards. 1. Within amounts appropriated therefor, the commissioner shall be authorized to grant awards for the support of approved entrepreneurial training grant programs.
2. Grants to support an approved entrepreneurial training grant program shall be awarded on a competitive basis in accordance with criteria established by the commissioner.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01402-01-7
A. 3973 2
3. The department shall, from within amounts appropriated to the department, undertake all activities necessary to plan for and preliminarily provide for the timely implementation of the entrepreneurial training grant program authorized by this article for the state fiscal year commencing one year following the effective date of this section.
4. Participating cities having a population of one million or more shall be allocated five million dollars. One million dollars shall be used for the operation of the program. Four million dollars shall be used to grant four hundred ten thousand dollar grants to successful graduates of the program.
5. Participating cities having a population of between one hundred thousand and less than one million shall be allocated five hundred thousand dollars. One hundred thousand dollars shall be used for the operation of the program. Four hundred thousand dollars shall be used to grant forty ten thousand dollar grants to successful graduates of the program.
§ 3. This act shall take effect immediately; provided, however that the commissioner of education shall have the authority to promulgate any rules or regulations necessary for the implementation of this act.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.