NY A06621

Amends the New York state urban development corporation act to include micro-businesses in the small business revolving loan fund program, defined as independently owned businesses resident in New York state employing fewer than five people.

Requires lending organizations to demonstrate expertise in analyzing micro-business applications and creditworthiness evaluations, with the corporation showing preference in awarding funds to organizations serving micro-businesses and micro-loans.

Establishes two loan categories: micro-loans with principal amounts less than $25,000 and regular loans of $25,000 or more, with program funds capped at 50 percent of loan principal and $125,000 maximum per loan.

Targets program loans to minority and women-owned enterprises and other businesses having difficulty accessing traditional credit markets for job creation, working capital, property acquisition, equipment purchases, and debt refinancing.

Waives application fees for approved micro-loans of $5,000 or less.