BILL NUMBER:  S3556

 TITLE OF BILL :
An act to amend the New York state urban development corporation act,
in relation to the establishment of an African-American and
African-Caribbean business development center


 PURPOSE OR GENERAL IDEA OF BILL :
This bill would provide permanent funds to create an African-American
and African-Caribbean Business Development center within the New York
State Urban Development Corporation to provide technical assistance
and any such other information as deemed necessary to the
African-American and African-Caribbean business community where it may
begin to successfully participate in the programs established under
the Omnibus Economic Development Act of 1987.

 SUMMARY OF SPECIFIC PROVISIONS :
This bill would amend chapter 174 of the laws of 1968, constituting
the New York State Urban Development Corporation, and adds a new
section 9-g creating an entity that will be known as "The
African-American and African-Caribbean Business Development Center".

 JUSTIFICATION :
One of the most significant obstacles to the successful development of
the African-American and African-Caribbean business community in New
              

York State has been proving difficulty in accessing information on
state economic development programs, as well as a pronounced
difficulty in obtaining working capital and project specific financing
in order to aggressively compete for available state and local
contracts.

The establishment of the African-American and African-Caribbean
Business Development Center would bridge the gap in informational,
legal, financial and technical assistance services available to the
African-American and African-Caribbean Business Community. Centrally
located to be easily accessible to African-American and
African-Caribbean Business Community.  Centrally located to be easily
accessible to African-American and African-Caribbean firms seeking
assistance, it would create a setting where alternate forms of
business organization can be explored while serving a valuable role to
develop viable firms who are not currently organized in a corporate
form but otherwise represent sound, practical candidates for economic
assistance.

 PRIOR LEGISLATIVE HISTORY :
1991-92, A.12292; 3rd Reading Rules Cal. 1417 1993-94, A.5894; Passed
Assembly 1995-96, A.3169; Referred to Economic Development 1999-00,
A.1424; Referred to Economic Development

 FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENT :
None.

 EFFECTIVE DATE :
Immediately.