NY A05133

Establishes the "HIRE New York Fund" through the State Urban Development Corporation to provide zero-interest loans to micro-businesses (fewer than five employees) for hiring new workers.

Limits loans to $20,000 per employee per year for three years, with no more than 20 percent of the new hire's annual salary provided each year, and defers repayment for three years from hire date.

Defines qualifying new hires as full-time local jobs (at least 35 hours per week) and excludes transferred employees, temporary workers, and positions filling recently vacated roles.

Requires a $100 application fee (refunded to approved applicants), business plan, financial documentation, and guarantor information; corporation recovers up to 5 percent for administrative costs and 3 percent for evaluation costs.

Mandates annual reporting to the governor and legislature on loan applications, approvals, amounts distributed, businesses assisted, and local jobs created; corporation must establish rules and regulations within 180 days of enactment.