NY S04878

Adds a new category of "micro seed loans" with principal amounts less than $5,000 to the small business revolving loan fund, alongside existing micro loans ($5,000-$24,999) and regular loans ($25,000+)

Requires the corporation to set aside not less than 15 percent of remaining principal or further appropriations for micro loans and not less than 5 percent for micro seed loans, effective July 1, 2014

Requires the corporation to set aside not less than 15 percent of generated revenue for micro loans and not less than 5 percent for micro seed loans in years after July 1, 2014 when there is no remaining principal or additional appropriation

Maintains existing requirements that program funds cannot exceed 50 percent of a loan's principal amount and cannot exceed $125,000 per loan

Preserves the targeting of loans to minority and women-owned enterprises and other small businesses with difficulty accessing traditional credit markets