NY A06028

Establishes the HIRE New York Fund through the state urban development corporation to provide zero-interest loans to micro-businesses (fewer than five employees) for hiring new employees.

Provides loans up to $20,000 per year for three years, not exceeding 20 percent of a new hire's annual salary, with repayment deferred for three years and paid in monthly installments thereafter.

Defines qualifying new hires as full-time local jobs (at least 35 hours per week) held for one year, excluding transferred employees, replacements for terminated positions, and temporary or part-time workers.

Requires $100 minimum application fee (refundable upon successful loan completion), business plan, job descriptions, guarantor information, and three years of financial documentation for applicants.

Mandates the corporation recover administrative costs (not exceeding 5 percent) and evaluation costs (not exceeding 3 percent) from available funds, and submit annual reports to state leadership on loan activity and job creation results.