File #: Int 1350-2025    Version: Name: Small business loan readiness resources.
Type: Introduction Status: Enacted (Mayor's Desk for Signature)
Committee: Committee on Small Business
On agenda: 8/14/2025
Enactment date: Law number:
Title: A Local Law to amend the administrative code of the city of New York, in relation to small business loan readiness resources
Sponsors: Amanda C. Farías, Farah N. Louis, Justin L. Brannan, Shahana K. Hanif, Gale A. Brewer, Rita C. Joseph, Lynn C. Schulman
Council Member Sponsors: 7
Summary: This bill would require the Department of Small Business Services (SBS) to provide loan readiness resources to help small businesses prepare for the lending process and understand the services offered by Community Development Financial Institutions (CDFIs). These resources would include assistance with business plan development, preparation of financial documents, and understanding loan application requirements.
Attachments: 1. Summary of Int. No. 1350-A, 2. Summary of Int. No. 1350, 3. Int. No. 1350, 4. August 14, 2025 - Stated Meeting Agenda, 5. Hearing Transcript - Stated Meeting 8-14-25, 6. Committee Report 10/15/25, 7. Hearing Testimony 10/15/25, 8. Hearing Transcript 10/15/25, 9. Fiscal Impact Statement - City Council, 10. Fiscal Impact Statement - OMB, 11. Proposed Int. No. 1350-A - 12/15/25, 12. Committee Report 12/18/25, 13. Hearing Transcript 12/18/25, 14. December 18, 2025 - Stated Meeting Agenda, 15. Int. No. 1350-A (FINAL), 16. Int. No. 1350-A - Fiscal Impact Statement - City Council, 17. Int. No. 1350-A - Fiscal Impact Statement - OMB
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
12/18/2025AAmanda C. Farías City Council Sent to Mayor by Council  Action details Meeting details Not available
12/18/2025AAmanda C. Farías City Council Approved by CouncilPass Action details Meeting details Not available
12/18/2025*Amanda C. Farías Committee on Small Business Hearing Held by Committee  Action details Meeting details Not available
12/18/2025*Amanda C. Farías Committee on Small Business Amendment Proposed by Comm  Action details Meeting details Not available
12/18/2025*Amanda C. Farías Committee on Small Business Amended by Committee  Action details Meeting details Not available
12/18/2025AAmanda C. Farías Committee on Small Business Approved by CommitteePass Action details Meeting details Not available
10/15/2025*Amanda C. Farías Committee on Small Business Hearing Held by Committee  Action details Meeting details Not available
10/15/2025*Amanda C. Farías Committee on Small Business Laid Over by Committee  Action details Meeting details Not available
8/14/2025*Amanda C. Farías City Council Referred to Comm by Council  Action details Meeting details Not available
8/14/2025*Amanda C. Farías City Council Introduced by Council  Action details Meeting details Not available

Int. No. 1350-A

 

By Council Members Farías, Louis, Brannan, Hanif, Brewer, Joseph and Schulman

 

A Local Law to amend the administrative code of the city of New York, in relation to small business loan readiness resources

 

Be it enacted by the Council as follows:

 

Section 1. Paragraph 4 of subdivision a of section 22-1002 of the administrative code of the city of New York, as amended by local law number 137 of 2023, is amended to read as follows:

4. Information on loans and grants for small businesses which shall include, but need not be limited to:

(a) Guidance on selecting a lender, including information about local CDFIs, which shall include, but need not be limited to, a directory of local CDFIs, and for each such local CDFI, a description of services provided by such local CDFI, the neighborhood or area of the city in which such local CDFI operates or provides services, and the types of loans offered by such local CDFI;

(b) Information on specialized services that may be offered by banks for small businesses, such as a dedicated banking team, merchant services, business loans, or lines of credit;

(c) Information on typical fees, interest rates, monthly charges, or balance requirements;

(d) Potential advantages and disadvantages of having accounts at multiple banks;

(e) Information about federal deposit insurance corporation insurance coverage or other protections provided for small businesses deposits; [and]

(f) Loan readiness resources to help small businesses prepare for the lending process and understand the services offered by local CDFIs, including business plan development, preparation of financial documents and understanding loan application requirements; and

§ 2. This local law takes effect 180 days after it becomes law.

 

LH

LS #17133

12/3/2025

 

ARP

LS # 17133

7/30/25