Assembly Bill A6716A

Signed By Governor
2023-2024 Legislative Session

Relates to the capital access program

download bill text pdf

Sponsored By

Current Bill Status Via S1690 - Signed by Governor


  • 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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Bill Amendments

2023-A6716 - Details

See Senate Version of this Bill:
S1690
Law Section:
Banking Law
Laws Affected:
Amd §212, Bank L; amd §16-k, UDC Act
Versions Introduced in 2021-2022 Legislative Session:
A10695, S9515

2023-A6716 - Summary

Relates to the capital access program; focuses on minority and women-owned business enterprises and small businesses located in highly distressed areas to assist them in processing and being approved for qualifying program loans; requires the engagement in outreach and marketing to financial institutions to increase awareness of the program.

2023-A6716 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6716
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 5, 2023
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on Economic Development
 
 AN ACT to amend the banking law and the New York state urban development
   corporation act, in relation to the capital access program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (b) of subdivision 1 of section 212 of the  bank-
 ing law, as amended by chapter 1 of the laws of 1994, is amended to read
 as follows:
   (b) The corporation shall undertake the following programs in further-
 ance  of  the  above  objectives:  (i)  establish  regional  offices  at
 locations throughout New  York,  with  sufficient  staffing  to  advise,
 develop  and  package  financial  assistance  for small and medium sized
 businesses; (ii) develop a comprehensive outreach  program  to  increase
 the  visibility  and  awareness of the corporation's programs, including
 allocating budget and staff to establish and maintain an aggressive  and
 extensive  marketing  program of the corporation's program of assistance
 to small and medium sized businesses, providing for specific outreach to
 minority and women owned  enterprises,  and  entering  into  cooperative
 relationships  with  local chambers of commerce, local development agen-
 cies, local development corporations and other community based financial
 intermediaries as set forth in subdivision three of this section;  (iii)
 establish  and  operate,  or  affiliate with a small business investment
 company and a specialized small business investment company; [and]  (iv)
 establish  a  pilot  export  financing program, using personnel from the
 private sector, to evaluate whether the corporation can play  a  signif-
 icant  role  in  the  growth of the export industry in the state AND (V)
 ESTABLISH A PROGRAM IN COOPERATION WITH  THE  EMPIRE  STATE  DEVELOPMENT
 CORPORATION  THAT  SHALL  FOCUS  ON  SMALL  BUSINESSES LOCATED IN HIGHLY
 DISTRESSED AREAS AND MINORITY BUSINESS ENTERPRISES AS SUCH  DESIGNATIONS
 ARE  DEFINED  BY THE REGULATIONS OF THE NEW YORK STATE URBAN DEVELOPMENT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05985-01-3
              

2023-A6716A (ACTIVE) - Details

See Senate Version of this Bill:
S1690
Law Section:
Banking Law
Laws Affected:
Amd §212, Bank L; amd §16-k, UDC Act
Versions Introduced in 2021-2022 Legislative Session:
A10695, S9515

2023-A6716A (ACTIVE) - Summary

Relates to the capital access program; focuses on minority and women-owned business enterprises and small businesses located in highly distressed areas to assist them in processing and being approved for qualifying program loans; requires the engagement in outreach and marketing to financial institutions to increase awareness of the program.

2023-A6716A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6716--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 5, 2023
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on  Economic  Development -- reported and referred to the Committee on
   Ways and Means -- reported and referred to the Committee on  Rules  --
   again  reported from said committee with amendments, ordered reprinted
   as amended and recommitted to said committee

 AN ACT to amend the banking law and the New York state urban development
   corporation act, in relation to the capital access program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Paragraph (b) of subdivision 1 of section 212 of the bank-
 ing law, as amended by chapter 1 of the laws of 1994, is amended to read
 as follows:
   (b) The corporation shall undertake the following programs in further-
 ance  of  the  above  objectives:  (i)  establish  regional  offices  at
 locations  throughout  New  York,  with  sufficient  staffing to advise,
 develop and package financial assistance  for  small  and  medium  sized
 businesses;  (ii)  develop  a comprehensive outreach program to increase
 the visibility and awareness of the  corporation's  programs,  including
 allocating  budget and staff to establish and maintain an aggressive and
 extensive marketing program of the corporation's program  of  assistance
 to small and medium sized businesses, providing for specific outreach to
 minority  and  women  owned  enterprises,  and entering into cooperative
 relationships with local chambers of commerce, local  development  agen-
 cies, local development corporations and other community based financial
 intermediaries  as set forth in subdivision three of this section; (iii)
 establish and operate, or affiliate with  a  small  business  investment
 company  and a specialized small business investment company; [and] (iv)
 establish a pilot export financing program,  using  personnel  from  the
 private  sector,  to evaluate whether the corporation can play a signif-
 icant role in the growth of the export industry in  the  state  AND  (V)
 ESTABLISH  A  PROGRAM  IN  COOPERATION WITH THE EMPIRE STATE DEVELOPMENT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05985-03-3
              

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