New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4205 - Industrial Effectiveness Program-specialized Industrial Effectiveness Financial Assistance
Section 4205.9 - Procedures for working capital loans to improve productivity and competitiveness

Universal Citation: 21 NY Comp Codes Rules and Regs § 4205.9

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Application forms shall be developed by the UDC and the department.

(b) An industrial firm shall submit an application for a working capital loan to the UDC and the department, which may include, but need not be limited to the following:

(1) the financial history and condition of the firm and projections based on certified financial statements;

(2) the nature of the proposed new process or product, marketing initiative, statement of commercial feasibility, and estimated timetable for project completion;

(3) how the working capital loan will be used in conjunction with the proposed activity;

(4) the present and potential markets for the proposed new product or process and identification of competing products or processes serving the same markets;

(5) how the potential new product or production process or marketing initiative will stimulate new business and its impact on the existing work force;

(6) how the project fits into the firm's overall plan for enhancing competitiveness and actions the firm is taking or intends to take in other areas to improve productivity;

(7) the economic benefit of the proposed project for which financing is requested in terms of jobs created or preserved or other significant economic impact;

(8) commitments of financing for the project from all other sources;

(9) efforts to obtain the requested financing from other public and private sources or from internal resources; and

(10) such other information as the UDC and the department shall require.

(c) The loan application shall be reviewed by the UDC with the assistance of the department and submitted to the interagency advisory committee for its review, analysis and recommendation to the UDC chairman. The UDC chairman shall submit a recommended project to the UDC directors for preliminary approval.

(d) In the event the UDC directors preliminarily approve a project, the UDC will schedule a public hearing in accordance with the UDC Act. Upon completion of the public hearing and a written comment period, the project will be submitted to the UDC directors for final approval. In the event the UDC directors give final approval, the project will be submitted for approval to the State Public Authorities Control Board.

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