NY A07156

Amends the New York State Urban Development Corporation Act to expand the small business revolving loan fund's target market to include veteran-owned enterprises and service-disabled veteran-owned enterprises.

Requires program loans to small businesses and micro-businesses to be targeted and marketed to veteran-owned enterprises as defined in 15 U.S.C. section 632(Q)(3) and service-disabled veteran-owned enterprises as defined in article seventeen-B of the executive law.

Maintains existing loan parameters including micro loans under $25,000 and regular loans of $25,000 or more, with program funds capped at 50 percent of principal amount and $125,000 maximum per loan.

Allows veteran-owned and service-disabled veteran-owned business enterprises to access both program loans under this provision and short-term financing loans available under existing law.

Takes effect immediately upon enactment.