Directs the division for small-business to examine and report on the establishment of new financial products for the benefit of small businesses in emerging domestic markets.
STATE OF NEW YORK
________________________________________________________________________
4679
2011-2012 Regular Sessions
IN ASSEMBLY
February 4, 2011
___________
Introduced by M. of A. P. RIVERA -- read once and referred to the
Committee on Small Business
AN ACT to amend the economic development law, in relation to directing
the division for small-business to examine and report upon new finan-
cial products that can be offered to small businesses
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivisions 7, 8, 9, 10 and 11 of section 134 of the
2 economic development law, subdivision 7 as added by chapter 547 of the
3 laws of 1976, subdivision 8 as amended and subdivision 11 as added by
4 chapter 361 of the laws of 2009, subdivision 9 as amended by chapter 490
5 of the laws of 1993 and subdivision 10 as added by chapter 543 of the
6 laws of 2002, are amended and a new subdivision 12 is added to read as
7 follows:
8 7. review pending legislation affecting small-businesses and report
9 its findings to the commissioner; [and]
10 8. initiate and encourage small-business education programs in general
11 and to coordinate with the functions of the office of general services
12 an information and outreach program directed toward informing small-bu-
13 sinesses in the state of procedures necessary for competing for state
14 purchases and to coordinate with the functions of every state agency,
15 department or authority described in section one hundred thirty-nine-g
16 of the state finance law, pursuant to subdivision (b) of section one
17 hundred thirty-nine-g of the state finance law, an information and
18 outreach program directed toward informing small-businesses in the state
19 of procedures necessary for competing for state contracts, including
20 without limitation educating small contractors about surety bonding
21 requirements on state contracts, and identifying resources available to
22 such contractors in obtaining their first bond and in increasing their
23 bonding capacity, including but not limited to the federal small busi-
24 ness administration bond guarantee program[.];
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01100-01-1
A. 4679 2
1 9. the commissioner and the commissioners of agriculture and markets
2 and the office of general services shall initiate and encourage small-
3 business education programs and coordinate with the functions of the
4 office of general services, pursuant to subdivision [(b)] six of section
5 one hundred [sixty-one-b] sixty-three of the state finance law, an
6 information and outreach program directed toward informing eligible
7 businesses in the state of procedures necessary for competing for
8 purchases of food products pursuant to subdivision four of section one
9 hundred [seventy-four-a] sixty-five of the state finance law and subdi-
10 vision eight-a of section one hundred three of the general municipal
11 law, and to coordinate with the functions of every state agency or
12 department described in subdivision (b) of section one hundred thirty-
13 nine-g of the state finance law, an information and outreach program
14 directed toward informing eligible businesses in the state of procedures
15 necessary for competing for contracts for the purchase of food products
16 pursuant to subdivision four of section one hundred [seventy-four-a]
17 sixty-five of the state finance law and subdivision eight-a of section
18 one hundred three of the general municipal law[.];
19 10. conduct a survey of all business incubators in the state and
20 assess the need for additional incubator facilities to nurture the
21 growth and development of small businesses[.];
22 11. provide assistance to small business in the state, and facilitate
23 access to programs serving small business, to ensure that such busi-
24 nesses benefit, as needed, from technical, managerial, financial, and
25 general business assistance; training; marketing; organization and
26 personnel skill development; project management assistance; technology
27 assistance; bond and insurance education assistance; and other business
28 development assistance. In addition, either independently or in conjunc-
29 tion with other state agencies:
30 (a) develop a clearinghouse of information on programs and services
31 provided by entities that may assist such businesses; and
32 (b) seek to maximize utilization by small businesses of available
33 federal resources including but not limited to federal grants, loans,
34 loan guarantees, surety bonding guarantees, technical assistance, and
35 programs and services of the federal small business administration[.];
36 and
37 12. study, evaluate and examine the means and methodology of estab-
38 lishing new financial products which can be derived through the innova-
39 tive use of existing state resources. Such evaluation shall include, but
40 not be limited to, an examination of the aggregation and sale of loan
41 guarantees under the various state loans and grant programs for small
42 businesses in emerging domestic markets. The division shall seek
43 advice, counsel and assistance from the foundation, not-for-profit,
44 finance and investment communities in its duties pursuant to this subdi-
45 vision for the purpose of enhancing market acceptance of any financial
46 products established pursuant to this subdivision. Annually, on or
47 before February first, the division shall report its findings and any
48 recommendations to the governor and the legislature. For the purposes of
49 this subdivision, "emerging domestic market" means people, places or
50 business enterprises with growth potential that encounter capital
51 constraints due to systemic undervaluation resulting from imperfect
52 market information. These markets include ethnic- and women-owned firms,
53 urban and rural communities, companies that serve low-to-moderate-income
54 populations and other small- and medium-sized businesses.
55 § 2. This act shall take effect immediately.
