senate Bill S1253

2013-2014 Legislative Session

Relates to the small business regional revolving loan program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to corporations, authorities and commissions
Jan 09, 2013 referred to corporations, authorities and commissions

S1253 - Details

Current Committee:
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §§16-a, 16-c, 16-e & 16-l, UDC Act
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1823
2009-2010: S3443A

S1253 - Summary

Relates to the small business regional revolving loan program.

S1253 - Sponsor Memo

S1253 - Bill Text download pdf

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


                       2013-2014 Regular Sessions

                            I N  S E N A T E


                             January 9, 2013

Introduced  by  Sen. PERKINS -- 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 the small business regional revolving loan trust fund and
  the small business regional revolving loan program


  Section  1.  Statement  of  legislative intent. The legislature hereby
finds and declares that small businesses are the  economic  backbone  of
the  state  and  the  source  of a majority of new jobs. The legislature
further finds that such businesses often have difficulty obtaining small
amounts of capital from traditional banking organizations that is neces-
sary to start-up, improve, or expand operations. State assistance in the
form of loans to meet such capital gaps would enable the  formation  and
expansion  of  small  businesses across the state and, thus, provide job
opportunities to the state's citizens.  The  legislature  further  finds
that  the  existing  regional  revolving loan program of the state urban
development corporation demonstrated  that  it  is  more  efficient  and
effective  to  provide such loans through regional not-for-profit corpo-
rations that are  knowledgeable  about  local  businesses  and  economic
conditions.  Therefore,  it  is the intent of the legislature to improve
job opportunities in the state by  revitalizing  the  urban  development
corporation's regional revolving loan program and re-naming it the small
business regional revolving loan program.
  S 2. The New York state urban development corporation created by chap-
ter  174  of  the  laws of 1968 is hereby directed to audit, pursuant to
subdivision 19 of section 16-a of section 1  of  the  urban  development
corporation  act,  each  existing  regional  corporation administering a
small business regional revolving loan fund and to either recertify such
regional corporation or decertify such regional corporation and competi-
tively select a successor corporation to administer the  small  business
regional revolving loan fund.  In the case of regions that do not have a


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