NY S09085

Authorizes New York industrial development agencies (IDAs) to provide loans and grants to eligible entities, defined as small businesses or nonprofits with 50 or fewer full-time equivalent employees located within the agency's jurisdiction

Requires each IDA to adopt uniform criteria by resolution for evaluating grant and loan recipients, including financial viability, creditworthiness, local business presence, and proposed use of funds for capital improvement or business expansion

Caps funding at $100,000 per project and $100,000 total per eligible entity within a ten-year period, with existing loans required to be repaid before receiving additional loans

Prohibits eligible entities from receiving grants or loans from multiple agencies for the same project and requires IDAs serving the same municipalities to coordinate fund distribution

Mandates IDAs maintain detailed records of grants, loans, repayments, defaults, and bad debts for inclusion in annual public reports, and exempts deferred loan interest from state taxes