NY A02055

Establishes the Small Business Environmental Fund within the New York Job Development Authority to help small businesses obtain financing for pollution prevention and compliance with federal and state environmental laws

Authorizes the fund to guarantee up to 90% of outstanding principal on loans made by financial institutions to small businesses, with a maximum loan amount of $500,000 per business

Requires the corporation to process applications within 28 days and gives preference to businesses complying with Clean Air Act requirements, water pollution control laws, and hazardous waste management regulations, as well as those in highly distressed areas or owned by minorities or women

Mandates annual reporting to the governor and legislature on fund activities, plus biennial independent evaluations of the program's effectiveness in achieving pollution prevention and environmental compliance

Takes effect 180 days after becoming law, with the Urban Development Corporation authorized to provide capital assistance to the fund