Bill Text: NY A01774 | 2019-2020 | General Assembly | Introduced
Bill Title: Develops a cross regional small business partnership program.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2020-01-08 - referred to small business [A01774 Detail]
Download: New_York-2019-A01774-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1774 2019-2020 Regular Sessions IN ASSEMBLY January 17, 2019 ___________ Introduced by M. of A. LENTOL, LUPARDO -- read once and referred to the Committee on Small Business AN ACT to amend the economic development law, in relation to establish- ing a cross regional small business partnership program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 11 of section 134 of the economic development 2 law, as amended by chapter 463 of the laws of 2016, is amended to read 3 as follows: 4 11. provide assistance to small business in the state, and facilitate 5 access to programs serving small business, to ensure that such busi- 6 nesses benefit, as needed, from technical, managerial, financial, and 7 general business assistance; training; marketing; organization and 8 personnel skill development; project management assistance; technology 9 assistance; bond and insurance education assistance; online marketplace 10 lending awareness and assistance; and other business development assist- 11 ance. In addition, either independently or in conjunction with other 12 state agencies: 13 (a) develop a clearinghouse of information on programs and services 14 provided by entities that may assist such businesses; 15 (b) seek to maximize utilization by small businesses of available 16 federal resources including but not limited to federal grants, loans, 17 loan guarantees, surety bonding guarantees, technical assistance, and 18 programs and services of the federal small business administration; 19 [and] 20 (c) develop and implement, in conjunction with the department of 21 financial services, a small business online marketplace lending educa- 22 tion and outreach campaign to educate businesses in plain-language as to 23 the true costs associated with obtaining loans from online marketplace 24 lenders including true and up-front transparent pricing and terms, the 25 disclosure of annualized percentage rates, interest rates, fees and EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04633-01-9A. 1774 2 1 charges; disclosure of terms for repayment, early repayment, and refi- 2 nancing of a loan and any penalties that may be applied; and any other 3 information that is deemed necessary by the department of economic 4 development. The department of economic development shall develop and 5 implement a plan to distribute such information to small business 6 owners, including but not limited to, printed material, publication on 7 the internet and through coordination with other state entities that 8 routinely interact with small businesses in this state. The department 9 of economic development shall make translations of all educational mate- 10 rials available in languages other than English, including the six most 11 common non-English languages spoken by individuals in this state[.]; and 12 (d) develop a cross regional small business partnership program that 13 seeks to foster partnerships between small businesses from different 14 regions of the state. The cross regional partnership program would be 15 required to, but not be limited to, (i) initiate and encourage small 16 business ventures that foster joint development in one or more regions 17 of the state; (ii) promote the use of products that are grown, made, 18 processed or manufactured in New York; (iii) promote the use of shared 19 facilities, when feasible, for the processing, production or manufactur- 20 ing of products; and (iv) encourage and promote job development within 21 the state. 22 § 2. This act shall take effect immediately.