Assembly Bill A6621

Signed By Governor
2015-2016 Legislative Session

Requires the small business revolving loan fund to issue a certain percentage of its remaining principal or further appropriations to micro loans and micro seed loans

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Sponsored By

Archive: Last Bill Status - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2015-A6621 - Details

Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-t, UDC Act

2015-A6621 - Summary

Relates to micro-businesses and micro-loans.

2015-A6621 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6621

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 27, 2015
                               ___________

Introduced by M. of A. KIM -- read once and referred to the Committee on
  Small Business

AN ACT to amend the New York state urban development corporation act, in
  relation  to requiring the small business revolving loan fund to issue
  a certain percentage of its remaining principal or  further  appropri-
  ations to micro loans and micro seed loans

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 3 of section 16-t of section 1 of  chapter  174
of  the  laws of 1968, constituting the New York state urban development
corporation act, as amended by section 1 of part II of chapter 59 of the
laws of 2013, is amended to read as follows:
  3. Program loans to small businesses shall be targeted and marketed to
minority and women-owned enterprises and other small businesses that are
having difficulty accessing traditional credit markets. Program loans to
small businesses shall be used for the creation and retention  of  jobs,
as  defined  by the corporation, including: (a) working capital; (b) the
acquisition and/or improvement of real property; (c) the acquisition  of
machinery and equipment, property or improvement; or (d) the refinancing
of  debt  obligations. There shall be [two] THREE categories of loans to
small businesses:  A MICRO SEED LOAN THAT SHALL HAVE A PRINCIPAL  AMOUNT
LESS  THAN FIVE THOUSAND DOLLARS; a micro loan that shall have a princi-
pal amount [that is] NOT LESS THAN FIVE THOUSAND DOLLARS AND  less  than
twenty-five thousand dollars; and a regular loan that shall have a prin-
cipal  amount  not  less  than twenty-five thousand dollars.  THE CORPO-
RATION SHALL PROVIDE THAT NOT LESS THAN FIFTEEN PERCENT OF ANY REMAINING
PRINCIPAL, INTEREST, OR FURTHER APPROPRIATION OF THE FUND  ON  OR  AFTER
JULY FIRST, TWO THOUSAND SIXTEEN IS SET ASIDE FOR MICRO LOANS.  FURTHER-
MORE  THE  CORPORATION  SHALL PROVIDE THAT NOT LESS THAN FIVE PERCENT OF
ANY REMAINING PRINCIPAL, INTEREST, OR FURTHER APPROPRIATION OF THE  FUND
ON OR AFTER JULY FIRST, TWO THOUSAND SIXTEEN IS SET ASIDE FOR MICRO SEED

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00174-02-5

co-Sponsors

2015-A6621A - Details

Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-t, UDC Act

2015-A6621A - Summary

Relates to micro-businesses and micro-loans.

2015-A6621A - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6621--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 27, 2015
                               ___________

Introduced by M. of A. KIM -- read once and referred to the Committee on
  Small  Business  --  recommitted to the Committee on Small Business in
  accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

AN ACT to amend the New York state urban development corporation act, in
  relation to micro-businesses and micro loans

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivisions 1, 2, 3, and 5 of section 16-t of section 1 of
chapter  174  of the laws of 1968, constituting the New York state urban
development corporation act, as amended by section 1 of part II of chap-
ter 59 of the laws of 2013, is amended to read as follows:
  1. The small business revolving loan fund program is  hereby  created.
The  corporation  is  authorized,  within  available  appropriations, to
provide low interest loans to  community  development  financial  insti-
tutions,  in  order  to provide funding for those lending organizations'
loans to small businesses, AND MICRO-BUSINESSES located within New  York
state,  that  generate  economic growth and job creation within New York
state but that are unable to obtain adequate credit  or  adequate  terms
for  such  credit.  If in the discretion of the corporation the use of a
community development financial institution  is  not  practicable  based
upon  the  application  of rules and regulations developed by the corpo-
ration, including, but not limited to,  assessments  of  geographic  and
administrative  capacity,  then  the  corporation  is authorized, within
available appropriations, to provide low interest loans to the following
other local community based lending organizations: small business  lend-
ing  consortia,  certified  development  companies,  providers of United
States department of  agriculture  business  and  industrial  guaranteed
loans, United States small business administration loan providers, cred-
it  unions and community banks. As used in this section "small business"

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00174-07-6

co-Sponsors

2015-A6621B (ACTIVE) - Details

Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-t, UDC Act

2015-A6621B (ACTIVE) - Summary

Relates to micro-businesses and micro-loans.

2015-A6621B (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6621--B
                                                        Cal. No. 603

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 27, 2015
                               ___________

Introduced  by  M. of A. KIM, RODRIGUEZ -- read once and referred to the
  Committee on Small Business -- recommitted to the Committee  on  Small
  Business  in  accordance  with  Assembly  Rule  3, sec. 2 -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee -- reported and referred to the  Committee  on  Ways
  and  Means  --  reported  from committee, advanced to a third reading,
  amended and ordered reprinted, retaining its place  on  the  order  of
  third reading

AN ACT to amend the New York state urban development corporation act, in
  relation to micro-businesses and micro loans

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivisions 1, 2, 3, and 5 of section 16-t of section 1 of
chapter 174 of the laws of 1968, constituting the New York  state  urban
development corporation act, as amended by section 1 of part II of chap-
ter 59 of the laws of 2013, is amended to read as follows:
  1.  The  small business revolving loan fund program is hereby created.
The corporation  is  authorized,  within  available  appropriations,  to
provide  low  interest  loans  to community development financial insti-
tutions, in order to provide funding for  those  lending  organizations'
loans  to small businesses, AND MICRO-BUSINESSES located within New York
state, that generate economic growth and job creation  within  New  York
state  but  that  are unable to obtain adequate credit or adequate terms
for such credit. If in the discretion of the corporation the  use  of  a
community  development  financial  institution  is not practicable based
upon the application of rules and regulations developed  by  the  corpo-
ration,  including,  but  not  limited to, assessments of geographic and
administrative capacity, then  the  corporation  is  authorized,  within
available appropriations, to provide low interest loans to the following
other  local community based lending organizations: small business lend-
ing consortia, certified  development  companies,  providers  of  United

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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