NY A03767

Establishes a microenterprise development program under the Department of Economic Development to provide financial, business, and technical assistance to businesses with five or fewer employees.

Authorizes grants of up to $5,000 to microenterprise development organizations that provide training and technical assistance to low-income entrepreneurs.

Requires that at least 50 percent of grant funds benefit persons with income not exceeding 150 percent of the federal poverty line.

Mandates a one-to-one matching funds requirement, allowing organizations to use fees, grants, and gifts from public or private sources to meet the match.

Directs the commissioner to help microenterprises access existing state programs and encourage private financial institutions to make loans to microenterprises; effective July 1, 2018.