New York lawmakers are considering a new initiative meant to uplift small businesses across the state. Assembly Bill 4722, introduced by State Assembly Member J. Gary Pretlow, would establish a small business development program to help businesses secure state contracts and grow their operations.

If passed, the program would allow the state to designate non-federally funded contracts specifically for small businesses enrolled in the program. Businesses in their first five years would be eligible for contracts worth up to $1.5 million, while those that successfully complete their first five years in the program could qualify for contracts valued up to $5 million for another five years.

Under the bill, a small business would be defined as one with annual revenues of $10 million or less. Additional criteria could be set based on industry standards, following guidelines similar to those used by the U.S. Small Business Administration. 

The program would also provide assistance with bonding, insurance, and technical training to help small businesses get through the contracting process.

The legislation requires that contracts awarded in the program’s first year total at least $10 million but not exceed $100 million. The bill is currently under review by the Assembly’s Standing Committee on Corporations, Authorities, and Commissions.

Supporters believe the initiative  could open doors for small businesses to compete in the state’s economy, while critics may raise concerns about funding and implementation. 

If approved, the program could offer new opportunities for entrepreneurs and contribute to economic growth in New York.