S T A T E O F N E W Y O R K
________________________________________________________________________
2960
2017-2018 Regular Sessions
I N A S S E M B L Y
January 23, 2017
___________
Introduced by M. of A. LENTOL, BRINDISI, LUPARDO -- read once and
referred to the Committee on Small Business
AN ACT to amend the economic development law, in relation to establish-
ing a cross regional small business partnership program
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 11 of section 134 of the economic development
law, as amended by chapter 463 of the laws of 2016, is amended to read
as follows:
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; online marketplace
lending awareness and assistance; and other business development assist-
ance. In addition, either independently or in conjunction with other
state agencies:
(a) develop a clearinghouse of information on programs and services
provided by entities that may assist such businesses;
(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]
(c) develop and implement, in conjunction with the department of
financial services, a small business online marketplace lending educa-
tion and outreach campaign to educate businesses in plain-language as to
the true costs associated with obtaining loans from online marketplace
lenders including true and up-front transparent pricing and terms, the
disclosure of annualized percentage rates, interest rates, fees and
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03421-01-7
A. 2960 2
charges; disclosure of terms for repayment, early repayment, and refi-
nancing of a loan and any penalties that may be applied; and any other
information that is deemed necessary by the department of economic
development. The department of economic development shall develop and
implement a plan to distribute such information to small business
owners, including but not limited to, printed material, publication on
the internet and through coordination with other state entities that
routinely interact with small businesses in this state. The department
of economic development shall make translations of all educational mate-
rials available in languages other than English, including the six most
common non-English languages spoken by individuals in this state[.]; AND
(D) DEVELOP A CROSS REGIONAL SMALL BUSINESS PARTNERSHIP PROGRAM THAT
SEEKS TO FOSTER PARTNERSHIPS BETWEEN SMALL BUSINESSES FROM DIFFERENT
REGIONS OF THE STATE. THE CROSS REGIONAL PARTNERSHIP PROGRAM WOULD BE
REQUIRED TO, BUT NOT BE LIMITED TO, (I) INITIATE AND ENCOURAGE SMALL
BUSINESS VENTURES THAT FOSTER JOINT DEVELOPMENT IN ONE OR MORE REGIONS
OF THE STATE; (II) PROMOTE THE USE OF PRODUCTS THAT ARE GROWN, MADE,
PROCESSED OR MANUFACTURED IN NEW YORK; (III) PROMOTE THE USE OF SHARED
FACILITIES, WHEN FEASIBLE, FOR THE PROCESSING, PRODUCTION OR MANUFACTUR-
ING OF PRODUCTS; AND (IV) ENCOURAGE AND PROMOTE JOB DEVELOPMENT WITHIN
THE STATE.
§ 2. This act shall take effect immediately; provided, however, if
chapter 463 of the laws of 2016 shall not have taken effect on or before
such date then section one of this act shall take effect on the same
date and in the same manner as such chapter of the laws of 2016, takes
effect.