NY A10156

Authorizes the New York state urban development corporation to provide financing assistance to eligible entities in the form of loans, loan guarantees, and interest subsidy grants for creating worker cooperatives from existing micro-businesses.

Defines a micro-business as a business with five or fewer full-time or full-time equivalent employees.

Applies to micro-businesses undergoing ownership succession either through pre-existing business succession plans or when offered for sale or transfer by current owners, heirs, or estates of deceased owners.

Requires all eligible entities applying for assistance to submit a business plan with their application.

Amends the economic development law to include the urban development corporation's worker cooperative financing authority alongside existing employee ownership assistance loan provisions, with cooperation from the job development authority and empire state development corporation.