NY A03945

Establishes a Small Business Energy Loan Fund administered by the New York State Urban Development Corporation with assistance from the New York State Energy Research and Development Authority to provide zero or low interest loans and interest rate reductions for energy efficiency projects.

Defines eligible small businesses as independently owned and operated entities headquartered in New York State with 100 or fewer employees located in economically distressed areas.

Requires participating small businesses to complete an energy audit through the Authority's program before becoming eligible for loans, with loan amounts not exceeding $100,000.

Authorizes interest rate reductions of up to 400 basis points (4 percent) for eligible improvements financed through participating lenders including banks, credit unions, and community development financial institutions, available for the lesser of ten years or the life of the loan.

Requires the Corporation and Authority to submit annual written reports to the Speaker of the Assembly and Temporary President of the Senate detailing the number of businesses assisted, types of improvements implemented, and energy cost savings achieved.