NY A05049

Establishes a Small Business Environmental Fund administered by the New York Urban Development Corporation to provide loan loss reserves and credit enhancement for small business pollution prevention and environmental compliance loans.

Authorizes the corporation to guarantee up to 90 percent of outstanding principal for loans up to $500,000 made by financial institutions to small businesses for pollution control equipment and environmental compliance activities.

Requires simplified application procedures for small businesses demonstrating difficulty obtaining conventional bank financing, with approval decisions required within 28 days of application.

Prioritizes assistance for businesses in highly distressed areas, minority-owned enterprises, and women-owned enterprises seeking to comply with federal Clean Air Act requirements and state environmental laws.

Mandates annual reporting to the legislature on fund activities and biennial independent evaluations of the fund's effectiveness, with implementation rules to be adopted before any funds are disbursed.