NY A06286

Adds new authority for the New York State Urban Development Corporation to provide financing assistance (loans, loan guarantees, and interest subsidy grants) to facilitate creation of worker cooperatives from micro-businesses during ownership transfers.

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

Allows financing assistance when a micro-business is offered for sale, transfer by current owner, or transferred through heirs or estate of a deceased owner, either as part of an existing succession plan or as an alternative option.

Requires eligible entities seeking assistance to submit a business plan with their application.

Amends the Economic Development Law to include the new worker cooperative financing program alongside existing employee ownership assistance programs, with the department cooperating with the Job Development Authority, Empire State Development Corporation, and other applicable state agencies.