Assemblyman Magnarelli: Small Businesses Play Crucial Role in New York’s Economy

Assembly passes package of legislation to help New York’s small businesses thrive

Assemblyman Bill Magnarelli (D-Syracuse) today announced Assembly passage of a package of bills that he sponsored designed to help small businesses receive the much-needed assistance they deserve.

"Small businesses are the lifeblood of the state’s economy, creating eight out of ten jobs in New York," Magnarelli said. "During these difficult economic times, we must do all we can to keep these vital businesses growing and thriving."

Giving small businesses greater access to needed capital

The Assembly passed legislation requiring the state Department of Economic Development to give small businesses and entrepreneurs priority consideration in the awarding of state economic development assistance (A.3913).

"Larger businesses usually have a competitive advantage in securing state help, even though many state programs have been developed to assist small businesses," Magnarelli said. "We have to correct this imbalance and level the playing field for our small businesses. They are the heart of many New York communities and need the same opportunities as big businesses."

To offer greater access to capital through a wider range of lenders, the Assembly approved a bill authorizing credit unions to participate in the Excelsior Linked Deposit Program which provides small businesses with low-cost loans (A.2078). By offering business loans, credit unions can expand the options available to small businesses that may have been denied loans through other financial institutions.

Cutting start-up costs

To help ease the burden of start-up and expansion costs, the Assembly passed legislation allowing small businesses to defer payment of telephone installation charges for up to one year (A.4531). Allowing these payments to be deferred will ease cash flow crunches for start-up firms and encourage new small business growth in New York.

Helping small businesses meet environmental standards

The Assembly passed two bills aimed at keeping small businesses up to date with state regulations. The first measure provides information and financial assistance regarding environmental compliance and pollution prevention through the Department of Economic Development (A.314).

The second measure offers additional assistance to these businesses through the state’s Industrial Effectiveness Program, which helps small businesses keep up with rapidly changing environmental regulations (A.1512).

"Most small business owners want to comply with state and federal environmental laws, but often lack the financial resources or technical know-how. It’s important that we provide incentives and assistance to small businesses to protect our environment," Magnarelli said.

Ongoing efforts to improve New York’s business climate

"The future of the state depends on the continued success of small business. The Assembly’s small business package will assist and nurture these businesses that make New York the Empire State," Maganrelli said.