New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4211 - Regional Economic Development Partnership Program
Section 4211.9 - Revolving loan trust fund capitalization and recapitalization grants and matching grants
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4211.9
Current through Register Vol. 45, No. 52, December 27, 2023
(a) Capitalization grants.
(1) Assistance
available. The corporation may make grants, as set forth below and within
available appropriations, of up to $500,000 to capitalize regional revolving
loan trust fund accounts to be established pursuant to section 16-a of the New
York State Urban Development Corporation Act.
(2) Eligible grant recipients. Regional
corporations meeting the criteria set forth in section 16-a of the New York
State Urban Development Corporation Act shall be eligible for a capitalization
grant, if the area to be served by such organization is not already being
served by a regional revolving loan trust fund account established pursuant to
section 16-a of the New York State Urban Development Corporation Act.
(3) Terms. A regional corporation designated
by the corporation to administer a regional revolving loan trust fund account
shall use account funds for the purposes set forth in section 16-a of the New
York State Urban Development Corporation Act. Any regional revolving loan trust
fund account established hereunder shall be established and administered in
accordance with, and shall be fully subject to and governed by, section 16-a of
the New York State Urban Development Corporation Act and its implementing
regulations, Part 4209 of this Title.
(b) Recapitalization grants.
(1) Assistance available. The corporation may
make grants to recapitalize revolving loan trust fund accounts established by
the corporation pursuant to sections 16-a and 16-c of the New York State Urban
Development Corporation Act.
(2)
Eligibility. Only regional and administering corporations responsible for the
administration of regional revolving loan trust fund accounts pursuant to
section 16-a and minority and women revolving loan trust fund accounts pursuant
to section 16-c are eligible for a recapitalization grant.
(3) Terms.
(i) Application may not be made for a
recapitalization grant unless and until all funds previously allocated to the
revolving loan trust fund account to which the request relates have been drawn
down and disbursed to borrowers in accordance with the administering
corporation's contract with the corporation and the regulations governing the
revolving loan trust fund program.
(ii) Funds disbursed by the corporation to an
administering corporation pursuant to a revolving loan trust fund
recapitalization grant shall be governed by and fully subject to the provisions
of the regulations governing the revolving loan trust fund program, Part 4209
of this Title in the case of the regional revolving loan trust fund program and
section
4230.6
of this Title in the case of a minority and women revolving loan trust fund
program and the administering corporation's contract with the
corporation.
(iii) No
recapitalization grant shall exceed $200,000.
(4) Selection criteria. In considering an
application for a revolving loan trust fund recapitalization grant, the
corporation shall consider, among others, the following factors:
(i) the applicant's history of providing
loans to businesses located in distressed areas, businesses owned by members of
minority groups, women or displaced workers and businesses in the early stages
of development that have been denied access to credit;
(ii) evidence of actual jobs created in
connection with projects funded by the applicant with revolving loan trust
funds;
(iii) the applicant's loan
loss history; and
(iv) the
availability of other funds.
(c) Matching grants. The corporation may make grants, within available appropriations, of up to $200,000 to provide the local match for appropriately federally financed community-based loan funds, in accordance with applicable Federal law and regulations.
Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
