Bill > S06010

This bill amends New York state law to expand access to small business loans and financial support for microbusinesses, which are defined as businesses resident in the state that are independently owned and operated, not dominant in their field, and employ fewer than five people. The legislation introduces several key changes: first, it creates a formal definition of a microbusiness in the economic development law; second, it expands eligibility for state financing programs to include microbusinesses that have been in operation for five years and are located in specific economically challenged areas like empire zones, empowerment zones, or highly distressed areas; and third, it requires the state's urban development corporation to allocate at least $5 million in program funds to lending organizations specifically for making micro-loans to microbusinesses. By creating these provisions, the bill aims to provide more financial opportunities and support for very small businesses in New York, particularly those operating in economically disadvantaged regions, helping to stimulate local economic development and entrepreneurship.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S6010