Bill Text: NY S01543 | 2019-2020 | General Assembly | Introduced
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 1-0)
Status: (Introduced - Dead) 2020-01-08 - REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS [S01543 Detail]
Download: New_York-2019-S01543-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1543 2019-2020 Regular Sessions IN SENATE January 15, 2019 ___________ 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 § 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 § 2. Paragraph (f) and subparagraph 6 of paragraph (g) of subdivision 8 11 of section 213 of the state finance law, paragraph (f) as added by 9 chapter 705 of the laws of 1993, subparagraph 6 of paragraph (g) as 10 added by section 1 of part HH of chapter 59 of the laws of 2013, are 11 amended and a new paragraph (h) is added to read as follows: 12 (f) any service business that is independently owned and operated, is 13 not dominant in its field, employs one hundred or fewer persons on a 14 full-time basis within the state, and is seeking financing through the 15 program for a project that will result in the retention or creation of 16 permanent private sector jobs within the state, other than a business 17 that sells a service rendered at a facility personally by an individual 18 for another individual, directly, without the intervention of a third 19 party, or a professional service business such as health, legal, 20 accounting, engineering, or architectural services[.]; or 21 (6) small scale systems integration and packaging[.]; or 22 (h) a microbusiness, as defined by section one hundred thirty-one-a of 23 the economic development law, that has been in operation for five years EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02107-01-9S. 1543 2 1 and that is located in an empire zone, empowerment zone, a highly 2 distressed area or renewal community. 3 § 3. Section 16-t of section 1 of chapter 174 of the laws of 1968, 4 constituting the urban development corporation act is amended by adding 5 a new subdivision 17 to read as follows: 6 17. Notwithstanding anything to the contrary in this section, the 7 corporation shall provide at least five million dollars in program funds 8 pursuant to this section to lending organizations for the purpose of 9 making micro-loans to microbusinesses, as defined by section one hundred 10 thirty-one-a of the economic development law. Microbusinesses shall be 11 eligible to apply for funding in the same manner as other small busi- 12 nesses pursuant to subdivision three of this section. 13 § 4. This act shall take effect immediately.