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NY A03740
Bill
Status
1/27/2015
Primary Sponsor
William Scarborough
Click for details
AI Summary
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Establishes a Small Business Energy Loan Fund through the New York State Urban Development Corporation to provide zero or low interest loans and loan interest rate reductions to small businesses in economically distressed areas for energy efficiency and advanced energy technology projects
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Defines eligible small businesses as independently owned operations with 100 or fewer employees, headquartered and operating in New York State
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Requires small businesses to complete an energy audit through the State Energy Research and Development Authority's program before accessing loan funds
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Allows the Corporation to buy down participating lenders' interest rates by up to 400 basis points (4%) for up to 10 years or the life of the loan, with individual loans capped at $100,000
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Requires annual reporting to the Assembly Speaker and Senate Temporary President on the number of businesses assisted, types of improvements implemented, and energy cost savings realized
Legislative Description
Provides zero and low interest loans or loan interest rate reduction for energy improvement projects to stimulate the growth and development of small businesses and jobs.
Last Action
enacting clause stricken
5/7/2015