senate Bill S1742

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


S1742 - Details

Current Committee:
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd ยงยง16-a, 16-c, 16-e & 16-l, UDC Act
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1868
2009-2010: A10473, A3384A

S1742 - Summary

Relates to the small business regional revolving loan program.

S1742 - Sponsor Memo

S1742 - 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 Sens. ESPAILLAT, PERKINS -- read twice and ordered print-
  ed, 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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