NY A03433

Establishes the Small Business Environmental Fund under the Urban Development Corporation to provide loan loss reserves and credit enhancement for small business pollution prevention and environmental compliance loans

Authorizes the Corporation to guarantee up to 90 percent of outstanding principal for loans up to $500,000 made by financial institutions to small businesses for pollution prevention, control equipment, or environmental compliance activities

Requires the Corporation to approve or reject loan applications within 28 days based on criteria including whether activities achieve pollution prevention or compliance with federal or state environmental laws, with preference given to businesses in distressed areas, minority-owned enterprises, and women-owned enterprises

Mandates the Corporation to submit annual reports on fund activity to the Governor and Legislature, and biennial independent evaluations of the fund's effectiveness in achieving pollution prevention and environmental compliance

Takes effect 180 days after enactment, with the Corporation authorized to immediately begin adopting necessary rules and regulations for fund implementation