Loading chat...
NY A09292
Bill
Status
12/10/2025
Primary Sponsor
Michaelle Solages
Click for details
AI Summary
-
Authorizes industrial development agencies (IDAs) to provide loans and grants to eligible entities, defined as small businesses or non-profits with 50 or fewer employees located within the agency's jurisdiction
-
Requires IDAs to adopt uniform criteria by resolution for evaluating loan and grant recipients, including factors such as financial viability, creditworthiness, proposed use of funds, and job retention efforts
-
Caps individual loans and grants at $25,000, with a total funding limit of $25,000 per eligible entity across all sources
-
Prohibits eligible entities from receiving grants or loans from multiple agencies for the same project and requires outstanding loans to be fully repaid before receiving additional funding
-
Mandates IDAs to maintain detailed records of loan programs, including loans issued, repayments, defaults, and bad debts, to be included in annual public authorities reports
Legislative Description
Relates to loans and grants by industrial development agencies; requires uniform criteria for evaluation and selection of an eligible entity for a loan; defines terms; outlines such criteria.
Last Action
referred to local governments
1/7/2026