NY A06916

Authorizes the Empire State Development Corporation to reallocate unused funds from four existing revolving loan trust funds (Regional, Minority and Women, Micro Enterprise, and Commercial District) to support the small business revolving loan fund program.

Requires loans from reallocated Minority and Women funds to be provided only to minority business enterprises and women-owned business enterprises as defined in Economic Development Law.

Limits microloans from reallocated Micro Enterprise funds to amounts of $7,000 or less, available only to minority and women-owned business enterprises.

Directs loans from reallocated Commercial District funds to support retail businesses within commercial districts and ensures reallocated Regional funds are distributed to eligible borrowers across all regions of the state.

Allows lending organizations to receive up to 100 percent of loan principal amounts from reallocated funds without participating in competitive solicitation processes; takes effect immediately.