NY A06483

Establishes a Small Business Environmental Fund within the Public Authorities Law to provide loan loss reserves and credit enhancement encouraging financial institutions to make pollution prevention and compliance loans to small businesses up to $500,000 per loan.

Authorizes the corporation to guarantee up to 90 percent of outstanding principal on eligible loans for small businesses to purchase, lease, install or acquire pollution control equipment for federal and state environmental compliance.

Requires the corporation to establish simplified application procedures, approve or reject applications within 28 days, and provide preference to small businesses in highly distressed areas, minority-owned enterprises, and women-owned enterprises seeking to comply with federal Clean Air Act or state environmental laws.

Mandates annual reporting to the Governor and Legislature on total loans leveraged, average loan amounts by economic development region, and claims submitted and paid; requires biennial independent evaluations of fund effectiveness submitted to budget officials and legislative finance committees.

Takes effect 180 days after enactment; authorizes immediate promulgation of necessary rules and regulations for fund implementation before the effective date.