Int 1350-2025

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 1 2