NY A06335

Establishes a small business energy loan program under the New York State Urban Development Corporation to provide zero or low interest loans and interest rate reductions for energy efficiency projects.

Targets small businesses (100 or fewer employees) headquartered and operating in New York State located in economically distressed areas as determined by the corporation.

Requires businesses to obtain an energy audit through the State Energy Research and Development Authority's program to qualify for loans, which may not exceed $100,000.

Authorizes the corporation to buy down participating lenders' interest rates by up to 400 basis points (4 percent) for up to 10 years or the life of the loan, whichever is less.

Requires annual reports to the legislature identifying the number of businesses assisted, types of improvements implemented, and energy cost savings achieved through the program.