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Local law · Int 0510-2024

The provision of bridge loans to contractors

Official titleShow

A Local Law to amend the administrative code of the city of New York, in relation to the provision of bridge loans to contractors

The heading above is this same sentence with its legal opening removed. No words were added, changed or reordered.

Filed at end of sessionLatest action Dec 31, 2025

New York City Council

Sponsor

Justin L. Brannan

Summary

Due to a slow procurement process, many entities that enter into contracts with city agencies begin to provide services before the agency can pay them. This can make it difficult for contractors to cover their expenses. This bill would require that certain not-for-profit corporations that contract with the Department of Small Business Services to provide economic development services for New York City provide bridge loans to contractors who have contracts with the City that are valued at no more than $500,000 and who are not receiving payments from the City in a timely manner.

Summary from NYC Council (Legistar). How we handle summaries

From the NYC Council's legislative record (Legistar) and official rosters. This record was last updated Sep 7, 2026. About our data

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Where it stands

The session ended before it was voted on. It was not defeated; it simply ran out of time, which is what happens to most legislation. It would have to be reintroduced.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted
Filed at end of session

Committee

Committee on Contracts

Cosponsors

Lincoln Restler and Farah N. Louis

Cosponsors in the order the New York City Council lists them.

  • Democratic2

Shown in neutral colors by design; Agora is non-partisan.

Full history

  1. Dec 31, 2025

    Filed

    This Introduction was Filed (End of Session)

    NYC Council

  2. Jun 4, 2024

    Hearing held

    This Introduction was Hearing Held by Committee

    Committee on Contracts

  3. Jun 4, 2024

    Held over

    This Introduction was Laid Over by Committee

    Committee on Contracts

  4. Mar 7, 2024

    Introduced

    This Introduction was Introduced by Council

    NYC Council

  5. Mar 7, 2024

    Referred to committee

    This Introduction was Referred to Comm by Council to the Committee on Contracts

    NYC Council