Bill > S00991

This bill requires the Department of Economic Development, Job Development Authority, and Urban Development Corporation to provide preferences to small businesses and entrepreneurs when administering economic development assistance programs. Specifically, these agencies must actively market their programs to small businesses and entrepreneurs, help them access available funds, and aim to award at least 20% of program funds to these entities. The bill defines an "entrepreneur" as a person who organizes, operates, and assumes the risk of a start-up business venture. For the purposes of this bill, a "small business" will be defined according to existing definitions in the economic development law. Each agency must include a detailed report in their annual program documentation that describes their activities, lists the proposals receiving financial assistance, and indicates whether they met the 20% funding goal for small businesses and entrepreneurs. The goal is to provide more support and opportunities for smaller businesses and new business ventures in New York State's economic development initiatives. The act will take effect immediately upon passage.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S991