NY A07636

Authorizes the New York State Urban Development Corporation to provide grants and flexible financing programs to small businesses in dry cleaning and nail specialty appearance enhancement industries.

Financial assistance may include loan loss reserves, revolving loan programs, working capital loans, loan guarantees, and other flexible financing that leverages traditional financing.

Dry cleaning businesses may use funds for purchasing and installing non-perchlorethylene machines and sprinkler systems to comply with state and local codes.

Nail specialty appearance enhancement businesses may use funds for capital improvements and mechanical ventilation system upgrades necessary to comply with federal, state, and local indoor air quality codes.

Defines "small businesses" using the same definition in section 131 of the Economic Development Law; requires the corporation to consult with the Environmental Facilities Corporation, Department of Environmental Conservation, and Department of Health to establish program rules and regulations.