NY A05349

Department of Economic Development must conduct a comprehensive study on retaining small retail businesses and submit findings and recommendations to the governor and legislature within one year of the act's effective date.

Study shall examine economic feasibility of granting money to communities for business retention plans, subsidizing entrepreneur education programs, implementing tax credits for small retailers, guaranteeing low-interest loans, funding equipment upgrades, and creating a small business incentive program requiring five-year participation in education and training.

Commissioner is authorized to establish a pilot program for small business owner and potential owner training through state and local chambers of commerce and business entities, with approved sponsors receiving three-year authorization to operate programs.

Sponsors must submit proposals describing the target population, identification methods, specific training and counsel to be provided, associated costs, expected benefits, and effectiveness measurement methods.

Appropriates $210,000 from the state general fund to the Department of Economic Development, with no more than 15 percent of appropriated funds available for department expenses.