NY A08802

Establishes a small business energy loan fund through the New York State Urban Development Corporation and Energy Research and Development Authority to provide zero or low interest loans and loan interest rate reductions for energy efficiency projects.

Eligible recipients are small businesses (100 or fewer employees, independently owned, headquartered and operating in New York State) located in economically distressed areas that have completed an energy audit through the authority's program.

Corporation may buy down participating lender interest rates by up to 400 basis points (4 percent) for up to ten years or the life of the loan, with loans capped at $100,000 per business.

Eligible energy improvements include pre-qualified cost-effective measures, custom measures paying for themselves in ten years, process improvements reducing manufacturing energy use, and renewable energy technologies (solar, wind, water, geothermal).

Corporation and authority must submit annual reports to the legislature detailing the number of businesses assisted, types of improvements implemented, and energy cost savings realized.