NY S02176

Authorizes the New York State Urban Development Corporation to provide financing assistance to eligible entities for creating worker cooperatives that continue existing micro-businesses during ownership transfers or succession planning.

Defines a micro-business as a business with five or fewer full-time or full-time equivalent employees eligible for assistance under this program.

Financing assistance takes the form of loans, loan guarantees, and interest subsidy grants to facilitate borrowing from federal, state, and private lending institutions.

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

Amends the Economic Development Law to authorize the Department of Economic Development to coordinate with the Job Development Authority, Empire State Development Corporation, and other applicable state agencies to administer the program.