NY A02569

Department of Economic Development directed to conduct comprehensive study on retaining small retail businesses within one year, including recommendations on grants, subsidies for entrepreneur education, tax credits, guaranteed low-interest loans, equipment upgrade funding, and incentive programs

Study must examine creating a small business incentive program requiring participants to complete five-year commitment of entrepreneur education classes, management training, and financial advisor consultations, while incentivizing banking institutions to support small retail business growth

Commissioner authorized to establish pilot program for small business owner and potential small business owner training, with chambers of commerce and local business entities submitting proposals describing target populations, training methods, costs, and evaluation measures

Pilot program authorizations valid for three years, with commissioner required to submit annual reports to governor and legislature evaluating program effectiveness and recommending expansion to additional state locations

$210,000 appropriated to Department of Economic Development from general fund, with no more than 15 percent available for departmental administrative costs