NY A04892

Authorizes industrial development agencies to provide loans to private or public corporations and legal entities, requiring a formal loan agreement and use of funds for the agency's corporate purposes

Permits agencies to award grants to corporations and legal entities, with grant agreements specifying services to be provided in furtherance of agency purposes

Enables agencies to provide seed and early-stage equity funding to private corporations or legal entities located within their municipality that are in seed, early, or venture stages of development

Requires recipients of equity funding to return funds if they leave the municipality within a time period established by the agency

Amends General Municipal Law section 858 by adding three new subdivisions (16, 17, and 18) outlining these expanded financing powers