NY State Senate Bill 2017-S4230

Senate Bill S4230

2017-2018 Legislative Session

Relates to requiring the small business revolving loan fund to target and market to veteran-owned enterprises and service disabled veteran-owned enterprises

download bill text pdf

Archive: Last Bill Status - In Senate Committee Veterans, Homeland Security And Military Affairs Committee

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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2018	referred to veterans, homeland security and military affairs
Feb 06, 2017	referred to veterans, homeland security and military affairs

2017-S4230 (ACTIVE) - Details

See Assembly Version of this Bill:: A7156
Current Committee:: Senate Veterans, Homeland Security And Military Affairs
Law Section:: New York State Urban Development Corporation Act
Laws Affected:: Amd §16-t, UDC Act
Versions Introduced in Other Legislative Sessions:: 2015-2016: S6096, A9075
2019-2020: S2739
2021-2022: S4202
2023-2024: S1671

2017-S4230 (ACTIVE) - Summary

Relates to requiring the small business revolving loan fund to target and market to veteran-owned enterprises and service disabled veteran-owned enterprises.

2017-S4230 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S4230

 TITLE OF BILL :  An act to amend the New York state urban development
corporation act, in relation to requiring the small business revolving
loan fund to target and market to veteran-owned enterprises and
service-disabled veteran-owned enterprises

 PURPOSE :

The purpose of this bill is to require the small business revolving
loan fund in the Empire State Development Corporation to target and
market to veteran-owned enterprises and service disabled veteran-owned
enterprises.

 SUMMARY OF PROVISIONS :

Section 1 amends the New York state urban development corporation act
to require the small business revolving loan fund to target and market
to veteran-owned enterprises as set forth in 15 U.S.C. section
632(Q)(3), as amended from time to time, and service disabled veteran
owned enterprises as set forth in article seventeen-B of the executive
law.

Section 2 of the bill establishes the effective date.

 JUSTIFICATION :

The small business revolving loan fund currently targets and markets
to minority and women-owned enterprises. Veterans have contributed
significantly to defending the freedoms that we cherish. In recent
years the state has increased its specific set-asides for businesses
owned by service disabled veteran owned enterprises in recognition of
their service and unique contributions. In recognition of their
service to the nation, this bill would require the small business
revolving loan fund to target and market to veteran-owned enterprises
and service disabled veteran-owned enterprises, mirroring similar
efforts already underway in the state.

 PRIOR LEGISLATIVE HISTORY :

S. 6096 - Referred to Corporations, Authorities & Commissions.

 FISCAL IMPLICATIONS :

There is no cost in adding these veteran-owned enterprises to the
eligibility criteria. Increased eligible applicants will likely lead
to a need for an increase in the current appropriation level for the
revolving loan fund, to ensure that there is not a loss in opportunity
for currently eligible applicants. Any such increased appropriations
shall be negotiated within the context of the yearly state budget.

 EFFECTIVE DATE :
This act shall take effect immediately.

2017-S4230 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4230
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 6, 2017
                                ___________
 
 Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Veterans, Homeland Securi-
   ty and Military Affairs
 
 AN ACT to amend the New York state urban development corporation act, in
   relation to requiring the small business revolving loan fund to target
   and market to veteran-owned enterprises and service-disabled  veteran-
   owned enterprises
 
   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 chapter 254  of  the  laws  of  2016,  is
 amended to read as follows:
   3.  Program  loans  to  small businesses and micro-businesses shall be
 targeted and marketed to minority and women-owned enterprises,  VETERAN-
 OWNED  ENTERPRISES  AS  SET  FORTH  IN  15  U.S.C. SECTION 632(Q)(3), AS
 AMENDED FROM TIME TO TIME,  AND  SERVICE-DISABLED  VETERAN-OWNED  ENTER-
 PRISES  AS  SET  FORTH  IN ARTICLE SEVENTEEN-B OF THE EXECUTIVE LAW, and
 other small businesses and micro-businesses that are  having  difficulty
 accessing  traditional credit markets. Program loans to small businesses
 and micro-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 refi-
 nancing of debt obligations. There shall be two categories of  loans  to
 small  businesses  and  micro-businesses: a micro loan that shall have a
 principal amount that is less than twenty-five thousand  dollars  and  a
 regular  loan  that  shall have a principal amount not less than twenty-
 five thousand dollars. Prior to receiving  program  funds,  the  lending
 organization  must  certify  to  the corporation that such loan complies
 with this section and rules and regulations promulgated for the  program
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD09765-01-7

 S. 4230                             2
 
 and that the lending organization has performed its obligations pursuant
 to  and  is in compliance with this section, the program rules and regu-
 lations and all agreements entered into between the corporation and  the
 lending  organization.  The  program  funds  amount  used by the lending
 organization to fund a program applicant loan shall  not  be  more  than
 fifty  percent  of  the principal amount of such loan. The program funds
 amount used by the lending organization to fund a program applicant loan
 shall not be greater than one hundred and twenty-five thousand  dollars.
 Minority-  and  women-owned  business  enterprises, VETERAN-OWNED ENTER-
 PRISES AS SET FORTH IN 15 U.S.C. SECTION 632(Q)(3), AS AMENDED FROM TIME
 TO TIME, AND SERVICE-DISABLED VETERAN-OWNED ENTERPRISES AS SET FORTH  IN
 ARTICLE  SEVENTEEN-B OF THE EXECUTIVE LAW, and other small businesses or
 micro-businesses who access such program loans  under  this  subdivision
 shall  not  be  precluded from accessing such short-term financing loans
 provided under subdivision eleven of this section.
   § 2. This act shall take effect immediately.

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