Bill > A04722

This bill authorizes the Power Authority of the State of New York to create a Small Business Development Program designed to support small businesses in the construction trades. The program will allow eligible small businesses (defined as independently owned companies with annual revenues up to $10 million) to compete for special contracts over two five-year periods. During the first five years, participants can bid on designated contracts up to $1.5 million, and if successful, can then access additional opportunities in a second five-year phase, including contracts up to $5 million and assistance with bonding. The authority can establish program criteria, designate specific contracts, and provide technical assistance such as business training, guidance on contract performance, and help obtaining surety bonds. The program will initially have between $10 million and $100 million in contracts, with future amounts set by the chairperson. The authority must submit an annual report to state leadership detailing the program's procurements, including information about participating businesses, contract details, and support for minority-owned, women-owned, and service-disabled veteran-owned businesses. The program is set to expire on December 31, 2030, after which its provisions will be automatically repealed.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A4722