NY S05374

Authorizes the New York State Urban Development Corporation to reallocate funds from the regional revolving loan trust fund and commercial district revolving loan trust fund to the small business revolving loan fund program.

Requires loans funded with reallocated commercial district funds to be provided only to retail businesses within a commercial district.

Directs the corporation to distribute reallocated regional funds to program-eligible borrowers across all regions of the state to the extent feasible.

Permits lending organizations to fund up to 100 percent of loan principal amounts with reallocated funds without requiring participation in a new competitive solicitation.

Takes effect immediately upon enactment.