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) 2020-01-08 - referred to small business [A01774 Detail]

Download: New_York-2019-A01774-Introduced.html

                STATE OF NEW YORK
                               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.

        A. 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.