NY A07434

Establishes the "HIRE New York Fund" administered by the state urban development corporation to provide zero-interest loans to micro-businesses (fewer than five employees) for hiring new employees.

Provides loans of up to $20,000 per employee per year for three years, capped at 20% of the new hire's annual salary, with a three-year deferment before repayment begins in monthly installments.

Defines qualifying new hires as full-time positions requiring at least 35 hours per week filled by local residents (same or adjacent county), excluding transferred employees, temporary workers, or positions replacing terminated staff.

Requires applicants to submit business plans, financial documentation, guarantors, and a $100 application fee (refundable for successful applicants), with approval based on credit scores, likelihood of success, and other corporation-determined factors.

Mandates the corporation submit annual reports to the governor and legislature on loan applications, businesses assisted, and local jobs created, with rules and regulations to be completed within 180 days of enactment.