Expands the powers of the New York State Industrial Development Agency to include loans, grants, and equity funding.

This bill amends the general municipal law to expand the powers of the New York State Industrial Development Agency. It allows the agency to provide loans, grants, and seed and early-stage equity funding to private or public corporations or legal entities. These funds must be used for projects within the municipality for whose benefit the agency was created and that have the potential to generate economic activity in New York state. The bill takes effect immediately.

Expands the powers of the New York State Industrial Development Agency to include loans, grants, and equity funding.

This bill amends the general municipal law to expand the powers of the New York State Industrial Development Agency. It allows the agency to provide loans, grants, and seed and early-stage equity funding to private or public corporations or legal entities. These funds must be used for projects within the municipality for whose benefit the agency was created and that have the potential to generate economic activity in New York state. The bill takes effect immediately.