New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4209 - Regional Revolving Loan Trust Fund
Section 4209.6 - Conditions for providing assistance
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4209.6
Current through Register Vol. 45, No. 52, December 27, 2023
(a) A regional corporation shall not provide any financial assistance authorized by this Part unless the following conditions are met:
(1) the applicant for
assistance is an eligible business, and the project it seeks to undertake is an
eligible project;
(2) the applicant
has demonstrated that there is little prospect of obtaining the project
financing requested from other public sources of funding within the service
delivery region, including local revolving loan funds, and that there is little
prospect of obtaining adequate project financing from private sources of
capital, or in the case of a loan guarantee, that there is little prospect of
obtaining project financing without the loan guarantee. Notwithstanding
anything to the contrary in this paragraph, a regional corporation may provide
assistance for an eligible project in conjunction with financial assistance
from a local revolving loan fund, provided that (i) assistance from the
regional corporation is no greater than that provided by the local revolving
loan fund, and (ii) the financial assistance requested from the regional
corporation has been requested from the local revolving loan fund, and rejected
due to the unavailability of funds;
(3) the applicant has a minimum equity
interest of at least 10 percent in the business or the project;
(4) there is a reasonable prospect of
repayment;
(5) the project is
located in the service delivery region served by the regional
corporation;
(6) the project will
comply with any applicable environmental rules or regulations;
(7) the applicant has certified that it will
not discriminate against any employee or any applicant for employment because
of race, religion, color, national origin, sex or age;
(8) a staff member or a representative of the
regional corporation acting in an official capacity has personally visited the
project site and/or the applicant's place of business;
(9) financial commitments for the project
have been obtained from other public and private sources;
(10) the project demonstrates a substantial
likelihood of providing increases in net new permanent jobs or retaining jobs
in businesses that need such financial assistance to remain viable;
and
(11) the applicant has agreed
to first consider persons eligible to participate in Job Training Partnership
Act ( 29 USC 1501 et seq.) programs. Such persons shall be referred to the
applicant by administrative entities of service delivery areas created pursuant
to such act or by the Job Service Division of the State Department of
Labor.
(b) A regional corporation, in approving applications for financial assistance, shall give priority to eligible projects:
(1) that will
provide increases in net new permanent jobs. In reviewing applications for
retail projects, the regional corporation shall consider whether the project is
likely to have a significant impact upon the economic condition of the
community in which it is located;
(2) that are located in areas of economic
distress or employing persons who live in such areas;
(3) of minority or women-owned business
enterprises or enterprises owned by dislocated workers, as defined in the Job
Training Partnership Act ( 29 USC 1501 et seq.); and
(4) of businesses in the early stages of
development that have been denied access to credit.
Renumbered from 4209.7 New York State Register July 11, 2018/Volume XL, Issue 28, eff. 7/11/2018
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