Bill Text: NY S00546 | 2013-2014 | General Assembly | Introduced

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Bill Title: Provides that microbusinesses in New York are eligible for small business revolving loans and the linked deposit interest rate reductions.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS [S00546 Detail]

Download: New_York-2013-S00546-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          546
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
         printed to be committed to the Committee on Commerce, Economic  Devel-
         opment and Small Business
       AN  ACT to amend the economic development law, the state finance law and
         the New York state urban development corporation act, in  relation  to
         making small business loans available to microbusinesses
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The economic development law is amended  by  adding  a  new
    2  section 131-a to read as follows:
    3    S 131-A. DEFINITION OF A MICROBUSINESS. FOR THE PURPOSES OF THIS CHAP-
    4  TER,  A  MICROBUSINESS SHALL BE DEEMED TO BE A BUSINESS THAT IS RESIDENT
    5  IN THIS STATE, INDEPENDENTLY OWNED AND OPERATED,  NOT  DOMINANT  IN  ITS
    6  FIELD AND EMPLOYS UNDER FIVE PERSONS.
    7    S  2.  Paragraph  (f)  of  subdivision  11 of section 213 of the state
    8  finance law, as added by chapter 705 of the laws of 1993, is amended and
    9  a new paragraph (g) is added to read as follows:
   10    (f) any service business that is independently owned and operated,  is
   11  not  dominant  in  its  field, employs one hundred or fewer persons on a
   12  full-time basis within the state, and is seeking financing  through  the
   13  program  for  a project that will result in the retention or creation of
   14  permanent private sector jobs within the state, other  than  a  business
   15  that  sells a service rendered at a facility personally by an individual
   16  for another individual, directly, without the intervention  of  a  third
   17  party,  or  a  professional  service  business  such  as  health, legal,
   18  accounting, engineering, or architectural services[.]; OR
   19    (G) A MICROBUSINESS, AS DEFINED BY SECTION ONE HUNDRED THIRTY-ONE-A OF
   20  THE ECONOMIC DEVELOPMENT LAW, THAT HAS BEEN IN OPERATION FOR FIVE  YEARS
   21  AND  THAT  IS  LOCATED  IN  AN  EMPIRE  ZONE, EMPOWERMENT ZONE, A HIGHLY
   22  DISTRESSED AREA OR RENEWAL COMMUNITY.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04073-01-3
       S. 546                              2
    1    S 3. Section 16-t of section 1 of chapter 174 of  the  laws  of  1968,
    2  constituting  the urban development corporation act is amended by adding
    3  a new subdivision 16 to read as follows:
    4    16.  NOTWITHSTANDING  ANYTHING  TO  THE  CONTRARY IN THIS SECTION, THE
    5  CORPORATION SHALL PROVIDE AT LEAST FIVE MILLION DOLLARS IN PROGRAM FUNDS
    6  PURSUANT TO THIS SECTION TO LENDING ORGANIZATIONS  FOR  THE  PURPOSE  OF
    7  MAKING MICRO-LOANS TO MICROBUSINESSES, AS DEFINED BY SECTION ONE HUNDRED
    8  THIRTY-ONE-A  OF  THE ECONOMIC DEVELOPMENT LAW. MICROBUSINESSES SHALL BE
    9  ELIGIBLE TO APPLY FOR FUNDING IN THE SAME MANNER AS  OTHER  SMALL  BUSI-
   10  NESSES PURSUANT TO SUBDIVISION THREE OF THIS SECTION.
   11    S 4. This act shall take effect immediately.