S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1774
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2019
                                ___________
 
 Introduced  by M. of A. LENTOL, 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.
              

                                                            LBD04633-01-9

 A. 1774                             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.