NY S06394

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

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

Applies to micro-businesses being offered for sale or transfer by current owners, heirs, or estates of deceased owners, or those with pre-existing business succession plans.

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

Designates 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.