Bill > A04892

This bill expands the powers of New York state industrial development agencies (IDAs) by adding three new capabilities to their existing legal authority. First, IDAs will now be able to 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 core purposes. Second, the bill allows IDAs to provide grants to similar entities, with the condition that grant agreements must specify the services to be provided in alignment with the agency's objectives. Third, the bill permits IDAs to 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, with the specific stipulation that if the funded entity leaves the municipality within a predetermined timeframe, they must return the received funds. These new provisions are designed to give IDAs more flexible tools to support economic development and business growth at the local level, with built-in mechanisms to ensure accountability and local benefit.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A4892