NY S00579

Amends the New York State Urban Development Corporation Act to include micro-businesses in the small business revolving loan fund program, defining micro-businesses as independently owned businesses with fewer than five employees.

Requires lending organizations to demonstrate expertise in analyzing micro-business loan applications and creditworthiness evaluations, with preference given 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 a maximum program funding cap of $125,000 per loan.

Waives application fees for approved micro-loans of $5,000 or less and targets program loans to minority and women-owned enterprises and other small businesses having difficulty accessing traditional credit markets.

Takes effect immediately upon enactment.