STATE OF NEW YORK
________________________________________________________________________
6010
2025-2026 Regular Sessions
IN SENATE
March 4, 2025
___________
Introduced by Sen. BASKIN -- 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. Paragraphs (h) and (h) of subdivision 11 of section 213 of the
8 state finance law, paragraph (h) as added by section 1 of part BB of
9 chapter 58 of the laws of 2022, and paragraph (h) as added by chapter
10 587 of the laws of 2022, are amended and a new paragraph (j) is added to
11 read as follows:
12 (h) a community development financial institution[.]; or
13 [(h)](i) any certified service-disabled veteran-owned business enter-
14 prises seeking financing necessary to carry out a procurement contract
15 with an agency or authority or other entity of the state or federal
16 government[.]; or
17 (j) a microbusiness, as defined by section one hundred thirty-one-a of
18 the economic development law, that has been in operation for five years
19 and that is located in an empire zone, empowerment zone, a highly
20 distressed area or renewal community.
21 § 3. Section 16-t of section 1 of chapter 174 of the laws of 1968,
22 constituting the urban development corporation act is amended by adding
23 a new subdivision 17 to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09398-01-5
S. 6010 2
1 17. Notwithstanding anything to the contrary in this section, the
2 corporation shall provide at least five million dollars in program funds
3 pursuant to this section to lending organizations for the purpose of
4 making micro-loans to microbusinesses, as defined by section one hundred
5 thirty-one-a of the economic development law. Microbusinesses shall be
6 eligible to apply for funding in the same manner as other small busi-
7 nesses pursuant to subdivision three of this section.
8 § 4. This act shall take effect immediately.
