S T A T E O F N E W Y O R K
________________________________________________________________________
8417--A
2009-2010 Regular Sessions
I N A S S E M B L Y
May 19, 2009
___________
Introduced by M. of A. P. RIVERA -- 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
AN ACT to amend the economic development law, in relation to directing
the division for small-business to examine and report upon new finan-
cial products that can be offered to small businesses
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivisions 7, 8, 9, 10 and 11 of section 134 of the
economic development law, subdivision 7 as added by chapter 547 of the
laws of 1976, subdivision 8 as amended and subdivision 11 as added by
chapter 361 of the laws of 2009, subdivision 9 as amended by chapter 490
of the laws of 1993 and subdivision 10 as added by chapter 543 of the
laws of 2002, are amended and a new subdivision 12 is added to read as
follows:
7. review pending legislation affecting small-businesses and report
its findings to the commissioner; [and]
8. initiate and encourage small-business education programs in general
and to coordinate with the functions of the office of general services
an information and outreach program directed toward informing small-bu-
sinesses in the state of procedures necessary for competing for state
purchases and to coordinate with the functions of every state agency,
department or authority described in section one hundred thirty-nine-g
of the state finance law, pursuant to subdivision (b) of section one
hundred thirty-nine-g of the state finance law, an information and
outreach program directed toward informing small-businesses in the state
of procedures necessary for competing for state contracts, including
without limitation educating small contractors about surety bonding
requirements on state contracts, and identifying resources available to
such contractors in obtaining their first bond and in increasing their
bonding capacity, including but not limited to the federal small busi-
ness administration bond guarantee program[.];
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10534-03-0
A. 8417--A 2
9. the commissioner and the commissioners of agriculture and markets
and the office of general services shall initiate and encourage small-
business education programs and coordinate with the functions of the
office of general services, pursuant to subdivision [(b)] SIX of section
one hundred [sixty-one-b] SIXTY-THREE of the state finance law, an
information and outreach program directed toward informing eligible
businesses in the state of procedures necessary for competing for
purchases of food products pursuant to SUBDIVISION FOUR OF section one
hundred [seventy-four-a] SIXTY-FIVE of the state finance law and subdi-
vision eight-a of section one hundred three of the general municipal
law, and to coordinate with the functions of every state agency or
department described in subdivision (b) of section one hundred thirty-
nine-g of the state finance law, an information and outreach program
directed toward informing eligible businesses in the state of procedures
necessary for competing for contracts for the purchase of food products
pursuant to SUBDIVISION FOUR OF section one hundred [seventy-four-a]
SIXTY-FIVE of the state finance law and subdivision eight-a of section
one hundred three of the general municipal law[.];
10. conduct a survey of all business incubators in the state and
assess the need for additional incubator facilities to nurture the
growth and development of small businesses[.];
11. provide assistance to small business in the state, and facilitate
access to programs serving small business, to ensure that such busi-
nesses benefit, as needed, from technical, managerial, financial, and
general business assistance; training; marketing; organization and
personnel skill development; project management assistance; technology
assistance; bond and insurance education assistance; and other business
development assistance. In addition, either independently or in conjunc-
tion with other state agencies:
(a) develop a clearinghouse of information on programs and services
provided by entities that may assist such businesses; and
(b) seek to maximize utilization by small businesses of available
federal resources including but not limited to federal grants, loans,
loan guarantees, surety bonding guarantees, technical assistance, and
programs and services of the federal small business administration[.];
AND
12. STUDY, EVALUATE AND EXAMINE THE MEANS AND METHODOLOGY OF ESTAB-
LISHING NEW FINANCIAL PRODUCTS WHICH CAN BE DERIVED THROUGH THE INNOVA-
TIVE USE OF EXISTING STATE RESOURCES. SUCH EVALUATION SHALL INCLUDE, BUT
NOT BE LIMITED TO, AN EXAMINATION OF THE AGGREGATION AND SALE OF LOAN
GUARANTEES UNDER THE VARIOUS STATE LOANS AND GRANT PROGRAMS FOR SMALL
BUSINESSES IN EMERGING DOMESTIC MARKETS. THE DIVISION SHALL SEEK
ADVICE, COUNSEL AND ASSISTANCE FROM THE FOUNDATION, NOT-FOR-PROFIT,
FINANCE AND INVESTMENT COMMUNITIES IN ITS DUTIES PURSUANT TO THIS SUBDI-
VISION FOR THE PURPOSE OF ENHANCING MARKET ACCEPTANCE OF ANY FINANCIAL
PRODUCTS ESTABLISHED PURSUANT TO THIS SUBDIVISION. ANNUALLY, ON OR
BEFORE FEBRUARY FIRST, THE DIVISION SHALL REPORT ITS FINDINGS AND ANY
RECOMMENDATIONS TO THE GOVERNOR AND THE LEGISLATURE. FOR THE PURPOSES OF
THIS SUBDIVISION, "EMERGING DOMESTIC MARKET" MEANS PEOPLE, PLACES OR
BUSINESS ENTERPRISES WITH GROWTH POTENTIAL THAT ENCOUNTER CAPITAL
CONSTRAINTS DUE TO SYSTEMIC UNDERVALUATION RESULTING FROM IMPERFECT
MARKET INFORMATION. THESE MARKETS INCLUDE ETHNIC- AND WOMEN-OWNED FIRMS,
URBAN AND RURAL COMMUNITIES, COMPANIES THAT SERVE LOW-TO-MODERATE-INCOME
POPULATIONS AND OTHER SMALL- AND MEDIUM-SIZED BUSINESSES.
S 2. This act shall take effect immediately.