Requires uniform criteria for evaluation and selection of grants and loans by the New York state industrial development agency

• Democratic2

◆ The sponsor's argument

Why Monica Martinez says this is needed

This legislation would expand industrial development agencies' ability to drive their mission of promoting economic welfare and prosperity, as well as attracting industry to local communities, by granting them the authority to issue small grants and loans to their local small busi- nesses and not-for-profits. The financial incentives IDAs are currently authorized to use are a critically important tool in attracting new economic development projects. Through the issuance of grants and loans, IDAs can be instru- mental in not only bringing new business, but in keeping small existing businesses and NFPs in their communities during times of need, or after a disaster emergency, and allowing them to grow as well. The bill sets forth requirements for receiving entities to be financial- ly viable and provide plans on how funds would be used, does not allow for more than one grant or loan to be given per project, and requires each IDA to adopt conditions for their loan program, and maintain rele- vant records. This legislation would allow IDAs to support their communities by stabi- lizing and helping grow local small businesses and not-for-profits.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.