Requires the department of economic development, job development authority, and urban development corporation to provide preferences to small businesses and entrepreneurs in the administration of their economic development assistance programs; requires annual reports thereon.
Summary
Bill S00991 aims to amend various state laws to provide preferences to small businesses and entrepreneurs when awarding state economic development assistance. The bill mandates that in each program administered by the Department of Economic Development, the Public Authorities, and the New York State Urban Development Corporation, a preference must be given to small businesses and entrepreneurs. This includes active marketing of programs to these groups, assistance in accessing funds, and a goal of allocating at least 20% of available funds to them. The bill also requires annual reporting on the activities and success in meeting this funding goal.
Impact
If enacted, this bill will significantly alter the landscape of economic development assistance in New York by prioritizing small businesses and entrepreneurs over larger entities. It will amend the Economic Development Law, Public Authorities Law, and the Urban Development Corporation Act to ensure that small businesses are not only recognized but actively supported in accessing state funds. The requirement for annual reports will enhance transparency and accountability regarding the distribution of economic development resources.
Sentiment
The sentiment surrounding Bill S00991 appears to be generally positive among proponents who advocate for small business support as a means of economic growth. However, there may be concerns from larger businesses or entities that feel disadvantaged by the preferential treatment given to smaller competitors. The lack of recorded votes or committee discussions may indicate that the bill has not yet faced significant opposition or debate.
Contention
Notable points of contention may arise from larger businesses and economic development stakeholders who argue that preferential treatment for small businesses could limit opportunities for larger firms that also contribute to the economy. Additionally, there may be concerns regarding the feasibility of meeting the 20% funding goal and the potential administrative burden on state agencies to implement these changes effectively.