STATE OF NEW YORK
________________________________________________________________________
546
2013-2014 Regular Sessions
IN SENATE(Prefiled)
January 9, 2013
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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) 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 § 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 § 4. This act shall take effect immediately.
