New York S 6010: Provides that microbusinesses in New York are eligible for small business revolving loans and the linked deposit interest rate reductions

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S06010 Summary:

BILL NOS06010 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBASKIN

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §131-a, Ec Dev L; amd §213, St Fin L; amd §16-t, UDC Act

&nbsp

Provides that microbusinesses in New York are eligible for small business revolving loans and the linked deposit interest rate reductions.

Go to top S06010 Actions:

BILL NOS06010 

&nbsp

03/04/2025REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

04/29/20251ST REPORT CAL.727

04/30/20252ND REPORT CAL.

05/01/2025ADVANCED TO THIRD READING 

06/11/2025PASSED SENATE

06/11/2025DELIVERED TO ASSEMBLY

06/11/2025referred to small business

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

03/04/2026REPORTED AND COMMITTED TO FINANCE

Go to topS06010 Committee&nbspVotes:

Go to topS06010 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS06010 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6010

 2025-2026 Regular Sessions

 IN SENATE

 March 4, 2025
 ___________

 Introduced by Sen. BASKIN -- read twice and ordered printed, and when
 printed to be committed to the Committee on Commerce, Economic Devel-
 opment and Small Business

 AN ACT to amend the economic development law, the state finance law and
 the New York state urban development corporation act, in relation to
 making small business loans available to microbusinesses

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The economic development law is amended by adding a new
 2 section 131-a to read as follows:
 3 § 131-a. Definition of a microbusiness. For the purposes of this chap-
 4 ter, a microbusiness shall be deemed to be a business that is resident
 5 in this state, independently owned and operated, not dominant in its
 6 field and employs under five persons.
 7 § 2. Paragraphs (h) and (h) of subdivision 11 of section 213 of the
 8 state finance law, paragraph (h) as added by section 1 of part BB of
 9 chapter 58 of the laws of 2022, and paragraph (h) as added by chapter
 10 587 of the laws of 2022, are amended and a new paragraph (j) is added to
 11 read as follows:
 12 (h) a community development financial institution[.]; or
 13 [(h)](i) any certified service-disabled veteran-owned business enter-
 14 prises seeking financing necessary to carry out a procurement contract
 15 with an agency or authority or other entity of the state or federal
 16 government[.]; or
 17 (j) a microbusiness, as defined by section one hundred thirty-one-a of
 18 the economic development law, that has been in operation for five years
 19 and that is located in an empire zone, empowerment zone, a highly
 20 distressed area or renewal community.
 21 § 3. Section 16-t of section 1 of chapter 174 of the laws of 1968,
 22 constituting the urban development corporation act is amended by adding
 23 a new subdivision 17 to read as follows:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09398-01-5

 S. 6010 2

 1 17. Notwithstanding anything to the contrary in this section, the
 2 corporation shall provide at least five million dollars in program funds
 3 pursuant to this section to lending organizations for the purpose of
 4 making micro-loans to microbusinesses, as defined by section one hundred
 5 thirty-one-a of the economic development law. Microbusinesses shall be
 6 eligible to apply for funding in the same manner as other small busi-
 7 nesses pursuant to subdivision three of this section.
 8 § 4. This act shall take effect immediately.

Go to top 

• 

 Sitemap 

 Request Information 

 Directions and Maps