New York bill S06010 makes microbusinesses eligible for small business loans and interest rate reductions.

The bill amends the economic development law to define a microbusiness as a resident, independently owned business employing fewer than five people. It also modifies the state finance law to include microbusinesses in the eligibility for small business revolving loans and linked deposit interest rate reductions. Additionally, it amends the urban development corporation act to allocate at least $5 million for microbusiness loans.

New York bill S06010 makes microbusinesses eligible for small business loans and interest rate reductions.

The bill amends the economic development law to define a microbusiness as a resident, independently owned business employing fewer than five people. It also modifies the state finance law to include microbusinesses in the eligibility for small business revolving loans and linked deposit interest rate reductions. Additionally, it amends the urban development corporation act to allocate at least $5 million for microbusiness loans.