New York’s New Governor

Now that Governor Cuomo is leaving office early, the Lieutenant Governor, Kathleen Hochul, will become his replacement. This detail is relevant given that New York’s landmark legislation (SB 5470) for the small business finance industry is slated to go into effect on January 1st.

Hochul served as Erie County Clerk and as a member of Congress. She’s also long been an advocate of small business.

While running on Cuomo’s ticket in 2018 for Lieutenant Governor, she criticized her opponent in a controversial campaign ad by saying that he couldn’t be trusted to manage the state budget because he had defaulted on a small business loan.

SB 5470 is expected to be so restrictive, that at least one small business finance provider has already fled the state.