Provides small businesses with grants of up to $100,000 to commercialize energy and environmental technology innovations and ideas in-state to stimulate economic development.
Impact
The bill's implementation would amend the New York State Urban Development Corporation Act, thereby establishing a dedicated program for funding small businesses that can contribute to the state's energy and environmental goals. The grants can cover various expenses related to product development, including working capital and equipment upgrades necessary for commercialization. This financial support is predicted to lead to job creation while promoting sustainable practices in New York, aligning with broader environmental goals.
Summary
A04107, also known as the New York State Innovative Energy and Environmental Technology Program, aims to stimulate the economy by providing grants of up to $150,000 to small businesses developing innovative energy and environmental technologies. The legislation recognizes the critical role that innovative technologies play in enhancing New York's economic health, particularly in light of ongoing environmental challenges and global competition. By supporting such initiatives through early-stage funding, the program seeks to foster the growth of new businesses and potentially increase employment in these sectors.
Contention
While proponents assert that granting financial assistance will catalyze economic growth and job creation, there are notable concerns regarding the competitive nature of the grant process. Critics may argue about the fairness and transparency of allocating public funds to select businesses, as well as doubts about the effectiveness and efficiency of the proposed grant criteria. Additionally, there could be apprehensions about whether this funding approach sufficiently addresses the diverse needs of all small businesses in New York, particularly those outside the targeted energy and environmental sectors.
Same As
Provides small businesses with grants of up to $100,000 to commercialize energy and environmental technology innovations and ideas in-state to stimulate economic development.
Provides small businesses with grants of up to $100,000 to commercialize energy and environmental technology innovations and ideas in-state to stimulate economic development.
Establishes the small business energy conservation ombudsman program to represent small businesses on issues relating to state energy policy and the goals of the climate leadership and community protection act.
Establishes the New York state innovation voucher program; provides small businesses with access to research and development by colleges and universities, government laboratories and public research institutes in order to assist such businesses in the creation of innovative products or services.
Establishes the New York advanced nuclear energy office; establishes an advanced nuclear energy development fund to provide grants to assist in nuclear energy production in the state; authorizes such energy development fund draw from the environmental bond act of 2022 available for green buildings projects.
Relates to small business energy assistance and advocacy services; establishes the small business energy assistance and advocacy services program within the division for small-business; authorizes the division for small-business to initiate complaints to the public service commission regarding gas and electricity and steam heat.