Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 08, 2020 |
referred to corporations, authorities and commissions |
Jan 29, 2019 |
referred to corporations, authorities and commissions |
Senate Bill S2739
2019-2020 Legislative Session
Sponsored By
(D) 15th Senate District
Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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
Actions
2019-S2739 (ACTIVE) - Details
- Current Committee:
- Senate Corporations, Authorities And Commissions
- 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
2017-2018: S4230
2021-2022: S4202
2023-2024: S1671
2019-S2739 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2739 SPONSOR: ADDABBO 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 enter- prises. 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
2019-S2739 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2739 2019-2020 Regular Sessions I N S E N A T E January 29, 2019 ___________ Introduced by Sen. ADDABBO -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions 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.
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