Magnarelli: Assembly Legislation Helps NY Entrepreneurs, Small Businesses and Economy

Small businesses play a vital role in the success of New York’s economy. In light of the current economic environment, it is important to encourage small business growth. That’s why the Assembly

passed a package of bills that will ensure the necessary resources are available to assist new businesses and help existing companies grow.

According to U.S. Census data, small businesses account for up to 80 percent of all new jobs in our country. It is essential that we foster an environment in which up-and-coming businesses can grow and continue to create more jobs.

As we all know high energy costs are making New York companies less competitive. So, to help small businesses lower their energy costs the Assembly passed legislation providing zero- or low-interest loans for energy efficiency projects, further allowing small businesses to grow and create new jobs (A.5494). The Assembly’s package of legislation also addresses numerous obstacles facing small businesses, including:

  • providing state assistance to aid in the expansion of small businesses throughout New York (A.9129);
  • creating the micro-business outreach center and program to provide small businesses access to economic development funds and advice (A.2766); and
  • establishing a competitive grant program for small businesses to seek new markets and niche products and work with small manufacturers to identify and develop these markets and products (A. 2877).

The package also included legislation authorizing credit unions to participate in the Excelsior Linked Deposit Program to help businesses gain greater access to capital (A.3205). The ELDP was created in 1993 to specifically address the need to make capital more available to businesses. It provides a two to three percentage point savings on the prevailing interest rates.

We must level the playing field so that small businesses and entrepreneurs have the same opportunities to succeed as larger companies. The success of small businesses is crucial to the success of Onondaga County. This package of bills provides the kind of assistance that will help young businesses get off the ground and allow established businesses to continue to grow.