New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4210 - Small- And Medium-sized Business Assistance Program
Section 4210.4 - Evaluation criteria

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4210.4

Current through Register Vol. 45, No. 52, December 27, 2023

(a) The corporation shall evaluate proposals submitted for assistance under the program in accordance with the following criteria:

(1) the total number of jobs expected to be created or retained;

(2) the ratio of the number of jobs (to be created or retained) to the amount of assistance provided by the program. In general, financing will not be approved for projects that anticipate a return of less than one job for every $15,000 of State financial assistance;

(3) the demonstrated need for such assistance. Rejection of requested financing from private sources constitutes some evidence of demonstrated need;

(4) the availability of other funding sources;

(5) the percentage of the total project cost that the corporation is being asked to finance. No project loan shall exceed:
(i) for industrial development assistance loans, 50 percent of total project costs, from all sources, or $750,000, whichever is less; or

(ii) for child-care facility assistance loans, 60 percent of total project costs, from all sources, or $250,000, whichever is less;

(6) the ability of the applicant to carry out the project in a manner consistent with the program;

(7) the size of the applicant's equity contribution. As required by the statutory findings, an applicant's equity contribution to a project must be at least 10 percent of the total project cost;

(8) the financial circumstances of the company involved; and

(9) the impact of the project on the local community.

(b) The criteria specified in paragraphs (a)(1) and (2) of this section shall not be applied with respect to proposals for child-care facility assistance.

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