NY A01148

Establishes the Small Business Clean Environment Fund within the Urban Development Corporation to provide loan loss reserves and credit enhancement for small business environmental compliance and pollution prevention loans.

Authorizes the Corporation to guarantee up to 90 percent of outstanding principal on loans up to $500,000 made by financial institutions to small businesses for pollution prevention or compliance activities.

Requires simplified application procedures with Corporation approval/denial decisions within 28 days, giving preference to businesses in Empire Zones, highly distressed areas, and minority or women-owned enterprises.

Authorizes small businesses to pay an origination fee to the Corporation upon loan distribution, with proceeds deposited into the fund to support administration and operations.

Requires annual reporting to the Governor and Legislature on loan volumes by region, claims paid from the fund, and biennial independent evaluations of the fund's effectiveness in achieving small business pollution prevention and environmental compliance.