NY State Senate Bill 2015-S6096

Senate Bill S6096

2015-2016 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 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

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2016	referred to corporations, authorities and commissions
Dec 14, 2015	referred to rules

2015-S6096 (ACTIVE) - Details

See Assembly Version of this Bill:: A9075
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:: 2017-2018: S4230, A7156
2019-2020: S2739
2021-2022: S4202
2023-2024: S1671

2015-S6096 (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.

2015-S6096 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S6096

 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 :

New bill

 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.

2015-S6096 (ACTIVE) - Bill Text download pdf

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

                                  6096

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            December 14, 2015
                               ___________

Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

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 section 1 of part II of chapter 59 of the
laws of 2013, is amended to read as follows:
  3. Program loans to small 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  ENTERPRISES  AS  SET  FORTH  IN  ARTICLE
SEVENTEEN-B  OF  THE  EXECUTIVE LAW, and other small businesses that are
having difficulty accessing traditional credit markets. Program loans to
small 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 refinancing
of  debt  obligations.  There  shall be two categories of loans to small
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 and that the  lending  organiza-
tion has performed its obligations pursuant to and is in compliance with
this  section,  the  program  rules  and  regulations and all agreements

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13268-01-5

S. 6096                             2

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 organ-
ization  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  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, and other small 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.
  S 2. This act shall take effect immediately.

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