Bill > S06051

This bill expands employee ownership assistance and minority business enterprise definitions to specifically include lesbian, gay, bisexual, transgender, and non-binary (LGBTQ+) individuals. The legislation modifies several sections of New York's public authorities and economic development laws to broaden protections and support for LGBTQ+ business owners and employees. Key changes include: adding LGBTQ+ individuals as a preferred group when approving loans for employee-owned businesses, expanding the definition of "minority business enterprise" to include businesses owned by LGBTQ+ individuals, and creating a new category of "minority group member" that explicitly includes LGBTQ+ people. The bill aims to provide more economic opportunities and support for LGBTQ+ entrepreneurs and workers, particularly in situations where businesses are at risk of closing or relocating. By making these amendments, the legislation seeks to protect jobs, stimulate economic development, and create more inclusive pathways for LGBTQ+ individuals to own and operate businesses in New York State.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S6051