NY A03793

Establishes the "HIRE New York Fund" through the New York State Urban Development Corporation to provide zero-interest loans to micro-businesses (fewer than 5 employees) that hire new employees.

Provides loans of up to 20 percent of a new hire's annual salary per year, capped at $20,000 per employee annually, distributed over three years with payments deferred for three years from the hire date.

Requires applicants to submit business plans, job descriptions, financial documentation, and a $100 application fee (refunded upon successful loan completion); defines eligible new hires as full-time positions (35+ hours per week) that cannot be transfers or replacements of existing positions.

Defines "local jobs" as positions filled by employees residing in the same or adjacent county as the business, with adjacent counties for New York City specified as Nassau, Suffolk, Rockland, and Westchester.

Appropriates $20,000,000 to the fund and requires the corporation to submit annual reports to the Governor and Legislature detailing loan applications, assistance provided, businesses served, and jobs created.