NY A10474

Establishes a Small Business Energy Loan Fund administered by the Urban Development Corporation with assistance from the State Energy Research and Development Authority to provide zero or low interest loans and interest rate reductions to eligible small businesses.

Limits eligibility to independently-owned small businesses with 100 or fewer employees, headquartered in New York State with principal operations in New York, located in economically distressed areas as determined by the Corporation.

Requires small businesses to obtain an energy audit through the Authority's energy audit program prior to participating in the loan program.

Authorizes loans up to $100,000 for energy efficiency improvements and allows the Corporation to buy down participating lender interest rates by up to 400 basis points (4 percent) for up to 10 years or the life of the loan, whichever is less.

Requires the Corporation and Authority to submit annual reports to the Legislature identifying the number of assisted businesses, types of improvements implemented, and energy cost savings realized.