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A 4724

Requires uniform criteria for evaluation and selection of grants and loans by the New York state industrial development agency

2025 Regular Session Introduced by Billy Jones and 1 co-sponsor

Bill A 4724 aimed to standardize grant and loan evaluations by the NY State Industrial Development Agency, promoting fairness and transparency for businesses seeking funding.

ENACTING CLAUSE STRICKEN
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Bill Summary · A 4724

Summary of Bill A 4724

Bill Information

  • Bill Number: A 4724
  • Title: Requires uniform criteria for evaluation and selection of grants and loans by the New York State Industrial Development Agency
  • Status: Enacting Clause Stricken
  • Introduced: February 5, 2025
  • Classification: Bill

Purpose and Intent

Bill A 4724 was introduced to establish uniform criteria for the evaluation and selection of grants and loans administered by the New York State Industrial Development Agency (IDA). The intent of the bill is to create a standardized process that enhances transparency, fairness, and accountability in the allocation of financial resources to businesses and projects within the state.

Key Provisions

  • Uniform Evaluation Criteria: The bill mandates the development of consistent criteria that the IDA must use when assessing applications for grants and loans. This aims to ensure that all applicants are evaluated on the same basis, reducing potential biases and discrepancies in funding decisions.
  • Selection Process: The bill outlines a structured selection process that the IDA must follow, which includes clear guidelines on how applications are scored and prioritized.
  • Reporting Requirements: The IDA would be required to report on the outcomes of funded projects, providing data on their economic impact and effectiveness in achieving stated goals.

Impact

  • Businesses and Applicants: The bill would primarily affect businesses seeking financial assistance from the IDA, as they would benefit from a more transparent and predictable application process.
  • State Agencies: The IDA and other related state agencies would need to adapt their procedures to comply with the new uniform criteria, potentially requiring additional training and resources.
  • Economic Development: By promoting fairer access to funding, the bill aims to stimulate economic development across New York State, particularly for small and medium-sized enterprises that may have previously faced challenges in securing financial support.

Procedural Aspects

  • Legislative Actions:
    • February 5, 2025: The bill was referred to the Local Governments Committee.
    • September 8, 2025: The enacting clause was stricken, indicating that the bill will not proceed further in its current form.

Related Bills

  • A 9801 (Prior-Session): This bill may have similar objectives or provisions related to the IDA and its funding processes, indicating ongoing legislative interest in reforming how grants and loans are managed in New York State.

In summary, while Bill A 4724 aimed to enhance the evaluation and selection process for IDA grants and loans, its current status suggests that it will not advance in the legislative process.

Compiled from official sources — confirm details with the bill’s official record.

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