NY A10561

Amends the New York State Urban Development Corporation Act to establish a new small business revolving loan fund program for funds appropriated on or after April 1, 2012.

Authorizes loans targeted to minority- and women-owned business enterprises and small businesses providing construction or professional services for state procurement contracts.

Restricts revolving loan fund usage to underwriting costs of labor, materials, and equipment directly associated with the contract being financed.

Limits individual loans to a maximum of $500,000 and caps the program fund contribution at 80 percent of the principal loan amount.

Takes effect immediately upon enactment.