NY A06480

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

Defines eligible small businesses as independently owned and operated entities headquartered and operating in New York with 100 or fewer employees located in economically distressed areas.

Requires eligible small businesses to obtain an energy audit through the authority's energy audit program before participating in the loan program.

Authorizes loans up to $100,000 and interest rate buydowns of up to 400 basis points (4%) for up to 10 years or the life of the loan, with participating lenders including banks, credit unions, community development financial institutions, and farm credit associations.

Covers eligible energy improvements including pre-qualified cost-effective measures, custom measures with 10-year payback periods, process improvements reducing manufacturing energy use, and renewable technologies using solar, wind, water, or geothermal sources.

Requires the corporation and authority to submit annual reports to the legislature detailing businesses assisted, improvements implemented, and energy cost savings achieved.