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Committee forwards microbusiness loan bill to finance; members stress support for very small firms
Summary
Senate Bill 6010, sponsored by Chair April Baskin, would amend state economic development and finance laws and the Urban Development Corporation Act to make small loans available to microbusinesses (discussed as businesses with five or fewer employees); the committee advanced the bill to finance.
Senate Bill 6010, presented by Chair April Baskin, would amend the state's economic development law, state finance law and the New York State Urban Development Corporation Act to make small-business loans available to microbusinesses.
During discussion Baskin emphasized the policy goal of supporting microbusinesses — described on the record as businesses with five or fewer employees and modest annual receipts — and framed the proposal as a conduit to help "mom and pop" shops access capital. Senator Martinez moved the bill and Senator Dean Murray seconded. The committee reported the bill to the Finance Committee for further consideration of program details and financing.
No fiscal details or implementation timelines were provided on the committee record; the Finance Committee will review the bill's funding mechanisms and program design.
