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NY A06716
Bill
Status
5/5/2023
Primary Sponsor
Pamela Hunter
Click for details
AI Summary
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Requires the New York Business Development Corporation to establish a program in cooperation with Empire State Development Corporation focusing on small businesses in highly distressed areas and minority and women-owned business enterprises (MWBEs).
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Authorizes the Business Development Corporation to act as third-party agent for the capital access program, process and fund qualifying loans, maintain loan portfolios, and conduct outreach and marketing to financial institutions.
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Mandates that third-party agents use specified underwriting standards to evaluate loan applications from MWBEs and small businesses in highly distressed areas, incorporating alternative indications of creditworthiness.
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Requires development of an integrated web portal enabling MWBEs and small businesses in highly distressed areas to access information, apply for loans, and receive approval online for the capital access program.
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Directs the Department of Financial Services, Empire State Development Corporation, and New York Business Development Corporation to jointly establish underwriting standards for assisting MWBEs and small businesses in highly distressed areas, effective 120 days after the bill becomes law.
Legislative Description
Relates to the capital access program; focuses on minority and women-owned business enterprises and small businesses located in highly distressed areas to assist them in processing and being approved for qualifying program loans; requires the engagement in outreach and marketing to financial institutions to increase awareness of the program.
Last Action
substituted by s1690a
6/7/2023