Bill > A09286

This bill amends the General Municipal Law to expand the powers of the New York State Industrial Development Agency (IDA) by adding three new capabilities: (1) the ability to provide loans to private or public corporations or other legal entities, with the requirement that loan agreements clearly document the purpose and use of funds aligned with the agency's corporate objectives; (2) the authority to provide grants to similar entities, with grant agreements specifically outlining the services to be provided in furtherance of the agency's goals; and (3) the power 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 condition that if the funded entity leaves the municipality within a predetermined timeframe, they must return the funds. These new provisions are designed to give the IDA more flexible financial tools to support economic development and business growth within New York state, with built-in accountability measures to ensure the investments benefit local communities.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A9286