Bill > S00313

This bill expands the powers of the New York State Industrial Development Agency (IDA) by adding three new provisions to its existing statutory authorities. Specifically, the bill allows the agency to: (1) provide loans to private or public corporations or legal entities, with the requirement that these loans be formally documented in a loan agreement and used to further the agency's corporate purposes; (2) provide grants to similar entities, with the condition that the grants are memorialized in an agreement that specifies the services to be provided; and (3) offer seed and early-stage equity funding to private corporations or legal entities located within or planning to locate within the municipality that created the agency. The equity funding provision is particularly notable as it targets businesses in seed, early, or venture stages with potential to generate economic activity in New York state. The bill includes a stipulation that if a funded entity leaves the creating municipality within a predetermined timeframe, they must return the funds. These new powers are designed to enhance the IDA's ability to support economic development and business growth at the local and state levels.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S313