Bill Text: NY S00579 | 2015-2016 | General Assembly | Amended

New York Senate Bill 579 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Relates to micro-businesses and micro-loans.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2016-06-01 - SUBSTITUTED BY A6621B [S00579 Detail]

Download: New_York-2015-S00579-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                         579--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                       (Prefiled)
                                     January 7, 2015
                                       ___________
        Introduced  by Sens. SQUADRON, COMRIE -- read twice and ordered printed,
          and when printed to be committed to  the  Committee  on  Corporations,
          Authorities  and Commissions -- recommitted to the Committee on Corpo-
          rations, Authorities and Commissions in accordance with Senate Rule 6,
          sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
          amended and recommitted to said committee
        AN ACT to amend the New York state urban development corporation act, in
          relation  to requiring the small business revolving loan fund to issue
          a certain percentage of its remaining principal or  further  appropri-
          ations to micro loans and micro seed loans
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 3 of section 16-t of section 1 of  chapter  174
     2  of  the  laws of 1968, constituting the New York state urban development
     3  corporation act, as amended by section 1 of part II of chapter 59 of the
     4  laws of 2013, is amended to read as follows:
     5    3. Program loans to small businesses shall be targeted and marketed to
     6  minority and women-owned enterprises and other small businesses that are
     7  having difficulty accessing traditional credit markets. Program loans to
     8  small businesses shall be used for the creation and retention  of  jobs,
     9  as  defined  by the corporation, including: (a) working capital; (b) the
    10  acquisition and/or improvement of real property; (c) the acquisition  of
    11  machinery and equipment, property or improvement; or (d) the refinancing
    12  of  debt  obligations. There shall be [two] three categories of loans to
    13  small businesses:  a micro seed loan that shall have a principal  amount
    14  less  than five thousand dollars; a micro loan that shall have a princi-
    15  pal amount [that is] not less than five thousand dollars and  less  than
    16  twenty-five thousand dollars; and a regular loan that shall have a prin-
    17  cipal  amount  not  less  than twenty-five thousand dollars.  The corpo-
    18  ration shall provide that not less than fifteen percent of any remaining
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00174-03-6