NY A03284

Establishes a small business energy loan fund through the New York State Urban Development Corporation and Energy Research and Development Authority to provide zero or low interest loans and interest rate reductions for energy efficiency projects.

Eligible small businesses must be independently owned, headquartered in New York with principal operations in the state, employ 100 or fewer persons, and be located in economically distressed areas as determined by the corporation.

Requires small businesses to obtain an energy audit through the authority's program to qualify for loans, with eligible improvements including pre-qualified cost-effective measures, custom measures with 10-year payback periods, process improvements, and renewable energy technologies.

Authorizes loans up to $100,000 and interest rate buydowns up to 400 basis points (4%) for the lesser of ten years or the life of the loan through participating lenders (banks, credit unions, community development financial institutions, farm credit associations).

Requires annual reporting to the Assembly speaker and Senate president on the number of businesses assisted, types of improvements implemented, and energy cost savings realized by program participants.