Bill Text: NY A04679 | 2011-2012 | General Assembly | Introduced
Bill Title: Directs the division for small-business to examine and report on the establishment of new financial products for the benefit of small businesses in emerging domestic markets.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2012-09-04 - enacting clause stricken [A04679 Detail]
Download: New_York-2011-A04679-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 4679 2011-2012 Regular Sessions I N A S S E M B L Y February 4, 2011 ___________ Introduced by M. of A. P. RIVERA -- read once and referred to the Committee on Small Business AN ACT to amend the economic development law, in relation to directing the division for small-business to examine and report upon new finan- cial products that can be offered to small businesses THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Subdivisions 7, 8, 9, 10 and 11 of section 134 of the 2 economic development law, subdivision 7 as added by chapter 547 of the 3 laws of 1976, subdivision 8 as amended and subdivision 11 as added by 4 chapter 361 of the laws of 2009, subdivision 9 as amended by chapter 490 5 of the laws of 1993 and subdivision 10 as added by chapter 543 of the 6 laws of 2002, are amended and a new subdivision 12 is added to read as 7 follows: 8 7. review pending legislation affecting small-businesses and report 9 its findings to the commissioner; [and] 10 8. initiate and encourage small-business education programs in general 11 and to coordinate with the functions of the office of general services 12 an information and outreach program directed toward informing small-bu- 13 sinesses in the state of procedures necessary for competing for state 14 purchases and to coordinate with the functions of every state agency, 15 department or authority described in section one hundred thirty-nine-g 16 of the state finance law, pursuant to subdivision (b) of section one 17 hundred thirty-nine-g of the state finance law, an information and 18 outreach program directed toward informing small-businesses in the state 19 of procedures necessary for competing for state contracts, including 20 without limitation educating small contractors about surety bonding 21 requirements on state contracts, and identifying resources available to 22 such contractors in obtaining their first bond and in increasing their 23 bonding capacity, including but not limited to the federal small busi- 24 ness administration bond guarantee program[.]; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01100-01-1 A. 4679 2 1 9. the commissioner and the commissioners of agriculture and markets 2 and the office of general services shall initiate and encourage small- 3 business education programs and coordinate with the functions of the 4 office of general services, pursuant to subdivision [(b)] SIX of section 5 one hundred [sixty-one-b] SIXTY-THREE of the state finance law, an 6 information and outreach program directed toward informing eligible 7 businesses in the state of procedures necessary for competing for 8 purchases of food products pursuant to SUBDIVISION FOUR OF section one 9 hundred [seventy-four-a] SIXTY-FIVE of the state finance law and subdi- 10 vision eight-a of section one hundred three of the general municipal 11 law, and to coordinate with the functions of every state agency or 12 department described in subdivision (b) of section one hundred thirty- 13 nine-g of the state finance law, an information and outreach program 14 directed toward informing eligible businesses in the state of procedures 15 necessary for competing for contracts for the purchase of food products 16 pursuant to SUBDIVISION FOUR OF section one hundred [seventy-four-a] 17 SIXTY-FIVE of the state finance law and subdivision eight-a of section 18 one hundred three of the general municipal law[.]; 19 10. conduct a survey of all business incubators in the state and 20 assess the need for additional incubator facilities to nurture the 21 growth and development of small businesses[.]; 22 11. provide assistance to small business in the state, and facilitate 23 access to programs serving small business, to ensure that such busi- 24 nesses benefit, as needed, from technical, managerial, financial, and 25 general business assistance; training; marketing; organization and 26 personnel skill development; project management assistance; technology 27 assistance; bond and insurance education assistance; and other business 28 development assistance. In addition, either independently or in conjunc- 29 tion with other state agencies: 30 (a) develop a clearinghouse of information on programs and services 31 provided by entities that may assist such businesses; and 32 (b) seek to maximize utilization by small businesses of available 33 federal resources including but not limited to federal grants, loans, 34 loan guarantees, surety bonding guarantees, technical assistance, and 35 programs and services of the federal small business administration[.]; 36 AND 37 12. STUDY, EVALUATE AND EXAMINE THE MEANS AND METHODOLOGY OF ESTAB- 38 LISHING NEW FINANCIAL PRODUCTS WHICH CAN BE DERIVED THROUGH THE INNOVA- 39 TIVE USE OF EXISTING STATE RESOURCES. SUCH EVALUATION SHALL INCLUDE, BUT 40 NOT BE LIMITED TO, AN EXAMINATION OF THE AGGREGATION AND SALE OF LOAN 41 GUARANTEES UNDER THE VARIOUS STATE LOANS AND GRANT PROGRAMS FOR SMALL 42 BUSINESSES IN EMERGING DOMESTIC MARKETS. THE DIVISION SHALL SEEK 43 ADVICE, COUNSEL AND ASSISTANCE FROM THE FOUNDATION, NOT-FOR-PROFIT, 44 FINANCE AND INVESTMENT COMMUNITIES IN ITS DUTIES PURSUANT TO THIS SUBDI- 45 VISION FOR THE PURPOSE OF ENHANCING MARKET ACCEPTANCE OF ANY FINANCIAL 46 PRODUCTS ESTABLISHED PURSUANT TO THIS SUBDIVISION. ANNUALLY, ON OR 47 BEFORE FEBRUARY FIRST, THE DIVISION SHALL REPORT ITS FINDINGS AND ANY 48 RECOMMENDATIONS TO THE GOVERNOR AND THE LEGISLATURE. FOR THE PURPOSES OF 49 THIS SUBDIVISION, "EMERGING DOMESTIC MARKET" MEANS PEOPLE, PLACES OR 50 BUSINESS ENTERPRISES WITH GROWTH POTENTIAL THAT ENCOUNTER CAPITAL 51 CONSTRAINTS DUE TO SYSTEMIC UNDERVALUATION RESULTING FROM IMPERFECT 52 MARKET INFORMATION. THESE MARKETS INCLUDE ETHNIC- AND WOMEN-OWNED FIRMS, 53 URBAN AND RURAL COMMUNITIES, COMPANIES THAT SERVE LOW-TO-MODERATE-INCOME 54 POPULATIONS AND OTHER SMALL- AND MEDIUM-SIZED BUSINESSES. 55 S 2. This act shall take effect immediately.