NY S00702

Amends the New York State Urban Development Corporation Act to authorize assistance programs for small businesses in dry cleaning and nail specialty appearance enhancement industries.

Provides grants and flexible financing options including loan loss reserves, revolving loan programs, working capital loans, and loan guarantees for capital improvements.

Directs dry cleaning businesses to use assistance for purchasing and installing non-perchlorethylene machines and sprinkler systems to comply with state and local codes.

Directs nail specialty appearance enhancement businesses to use assistance for upgrading mechanical ventilation systems to comply with federal, state, and local indoor air quality regulations.

Requires the Urban Development Corporation to promulgate rules and regulations in consultation with the Environmental Facilities Corporation, Department of Environmental Conservation, and Department of Health; takes effect 90 days after enactment.