Bill > A00981

This bill directs the New York State Department of Economic Development to conduct a comprehensive study on supporting and retaining small retail businesses within the state. The study will explore various strategies to help small businesses compete with larger corporate stores, including potential financial assistance methods such as grants, tax credits, subsidized education programs, low-interest loans, and equipment upgrade funding. Additionally, the bill establishes a pilot program requiring participating small business owners to commit to a five-year program involving entrepreneur education, management training, and financial consultations. The program aims to work with local chambers of commerce and business-promoting entities to provide training and counseling to current and potential small business owners. Each participating organization must submit a detailed proposal outlining the specific business population they will serve, training methods, associated costs, and program effectiveness measurement. The commissioner of economic development is required to submit annual reports evaluating the pilot program's effectiveness and recommending potential expansion. The bill appropriates $210,000 to fund these initiatives, with no more than 15% of the funds allocated to administrative costs. The goal is to strengthen the state's economy by preventing the decline of small retail businesses and providing them with essential support and resources.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A981