NY S04828

Authorizes the New York State Urban Development Corporation to reallocate funds from four existing revolving loan trust funds (Regional, Minority and Women, Micro Enterprise, and Commercial District) to the Small Business Revolving Loan Fund program.

Requires that at least 50% of reallocated funds be used for loans to minority business enterprises and women-owned business enterprises as defined under Economic Development Law Section 210.

Specifies loan uses for reallocated funds: microloans up to $7,000 for minority and women-owned businesses from Micro Enterprise funds, retail business loans within commercial districts from Commercial District funds, and statewide access considerations for Regional fund reallocations.

Permits lending organizations to fund up to 100% of loan principal amounts using reallocated funds and allows participation without competitive solicitation processes.

Takes effect immediately upon enactment.