Assemblyman Fred W. Thiele, Jr. (I, D, WF-Sag Harbor) announced that he helped craft the Assembly’s “Families First” budget proposal for the 2015-16 fiscal year, which promotes job growth by making critical investments in infrastructure and helping small businesses succeed (E.203).

“New York’s economy is hitting its stride after the economic downturn and we have to continue the momentum. The Assembly’s proposal continues our commitment to creating jobs and helping families all across the state get ahead,” said Assemblyman Fred Thiele. “Our proposal will help businesses grow and create better job opportunities.”

Supporting small businesses

In addition to reducing the income tax rate for small businesses from 6.5 percent to 2.5 percent for those that register as C Corps, the Assembly’s proposal restores $365,000 in additional funding for the Minority- and Women-owned Business Development and Lending Program, for a total of $1 million. The Assembly also supports increasing participation in state contracting to Minority- and Women-owned Business Enterprises (MWBEs) from 25 percent to 30 percent.

“Supporting MWBEs is crucial to the success of our overall economy. We must work to ensure these businesses have every opportunity to thrive,” said Thiele.

Also included in the Assembly’s budget proposal is $7.5 million for a NY Healthy Foods and Healthy Communities Fund. This initiative would support local businesses by making loans and grants available to supermarkets, grocery stores, farmers markets and other healthy food retailers in underserved areas.

Additionally, the Assembly’s budget proposal provides $5.3 million for Community Development Financial Institutions (CDFIs), which facilitate loans to small businesses that may otherwise not qualify for a bank loan and provide counseling for small-business owners.

“Small businesses are the lifeblood of New York’s economy and must have access to as many resources as possible so they can grow, hire more employees and help our communities thrive,” said Assemblyman Thiele, Chairman of the Assembly’s Small Business Committee. “This funding to CDFIs will help ensure that more small businesses across the state have the opportunity to flourish.”