Current through Register Vol. 45, No. 52, December 27, 2023
(a) No regional corporation shall be eligible
to administer a regional revolving loan program unless it:
(1) represents a service delivery
region;
(2) has available to it
staff with sufficient expertise to analyze applications for financial
assistance, to regularly monitor financial assistance to clients, and has made
arrangements to provide management or technical assistance to
clients;
(3) has an effective plan
to market its services to eligible businesses through such entities as chambers
of commerce, industry trade associations, banks, local development
corporations, community-based organizations and industrial development
agencies; and
(4) has established a
loan committee composed of five or more persons experienced in commercial
lending, or in the operation of a for-profit business, and a staff person of
the regional office of the State Department of Economic Development.
(b) The corporation shall select
regional corporations to administer regional revolving loan programs through
one or more competitive processes. Each regional corporation applying to
administer a regional revolving loan program shall submit a proposal that:
(1) describes the regional corporation,
including its organization, membership, loan committee, staff, and sources of
other funds, if any;
(2) identifies
its service delivery region;
(3)
explains the methods and criteria to determine whether a firm in its service
delivery region seeking assistance from its regional revolving loan program is
an eligible business;
(4) describes
the means for coordinating financial assistance available from its regional
revolving loan program with financial assistance available from other public
funding sources within its service delivery region, and how such funds will be
used to leverage private financing for eligible projects;
(5) lists the local revolving loan funds
serving its service delivery region and their criteria for funding, assets, and
funds available; and
(6) contains
such other information as the corporation deems appropriate.
(c) The corporation shall select
regional corporations to administer regional revolving loan programs for
renewable five-year terms. In determining whether to select a regional
corporation meeting the criteria set forth in subdivision (a) of this section
to administer a regional revolving loan program, the corporation shall
consider:
(1) the ability of the regional
corporation to administer the financial assistance programs authorized
hereunder;
(2) the extent of
coordination with other publicly supported financial assistance programs
available within the service delivery region;
(3) the degree of public and private support
within the service delivery region for the regional corporation; and
(4) the ability of the regional corporation
to provide financial and other assistance to businesses located in areas of
economic distress.
(d)
The corporation shall allocate trust fund proceeds among regional corporations
as follows:
(1) Fifty percent of all trust
fund proceeds shall be equally distributed among the service delivery
regions.
(2) Fifty percent of all
trust fund proceeds shall be distributed among the service delivery regions in
accordance with the economic distress formula.
Renumbered
from 4209.4
New
York State Register July 11, 2018/Volume XL, Issue 28, eff.
7/11/2018
