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NY A00965
Bill
Status
1/9/2013
Primary Sponsor
Micah Kellner
Click for details
AI Summary
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Creates three categories of small business loans: micro seed loans (under $5,000), micro loans ($5,000-$24,999), and regular loans ($25,000+)
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Requires at least 15% of remaining principal or further appropriations be set aside for micro loans, effective July 1, 2013
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Requires at least 5% of remaining principal or further appropriations be set aside for micro seed loans, effective July 1, 2013
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Mandates that in subsequent years when no remaining principal or additional appropriation exists, at least 15% of generated revenue be allocated to micro loans and 5% to micro seed loans
Legislative Description
Requires the small business revolving loan fund to issue a certain percentage of its remaining principal or further appropriations to micro loans and micro seed loans.
Last Action
referred to small business
1/8/2014