NY S03014

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 entities with 100 or fewer employees, headquartered and operating in New York State, located in economically distressed areas as determined by the Corporation.

Requires eligible small businesses to complete an energy audit through the Authority's program before accessing loans, with eligible improvements including pre-qualified measures, custom measures with 10-year payback periods, process improvements, and renewable energy technologies.

Authorizes loans up to $100,000 and permits the Corporation to buy down participating lenders' interest rates by up to 400 basis points (4 percent) for the lesser of ten years or the loan's life.

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