NY S04359

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

Restricts reallocated funds from the Minority and Women fund to loans for minority business enterprises and women-owned business enterprises as defined in Economic Development Law Section 210.

Limits reallocated Micro Enterprise fund loans to microloans of $7,000 or less for minority and women-owned business enterprises.

Requires reallocated Commercial District fund loans to be used for retail businesses within commercial districts and directs that Regional fund reallocations provide access to eligible borrowers across all state regions.

Permits lending organizations to fund up to 100 percent of each loan principal with reallocated funds and allows participation without requiring a new competitive solicitation process.