NY A07360

Renames the existing "regional revolving loan program" to the "small business regional revolving loan program" and establishes a dedicated "small business regional revolving loan trust fund" within the urban development corporation.

Requires the urban development corporation to audit existing regional corporations administering loan funds and either recertify or decertify them, with decertified regions subject to competitive selection for successor administrators.

Expands eligible uses to include micro-enterprises defined as commercial businesses with five or fewer employees with at least one owner-employee, in addition to existing small business financing assistance.

Modifies loan interest rate requirements from a minimum of five percent to the federal discount rate, and allows refinancing of existing loans when necessary to enable viable businesses to maintain or expand operations in the state.

Requires the corporation to publish annual program reports on its website beginning April 1, 2019, in aggregate form while omitting borrower-specific information.