New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4213 - Minority And Women Business Development And Revolving Loan Fund Program
Section 4213.10 - Miscellaneous

(a) The recipient of financial assistance from the loan fund must agree to consider, for new employment opportunities generated by the project, individuals on public assistance and those eligible to participate in Federal Job Training Partnership Act programs.

(b) To the extent permitted by law, no full-time employee of the State of New York or any agency, department, authority or public benefit corporation thereof shall be eligible to receive assistance under this program, nor shall any otherwise eligible enterprise, the majority ownership interest of which is legally or beneficially controlled by any such State employee, be eligible to receive assistance under this program.

(c) Applicants must indicate whether a consultant has been utilized in the formulation and/or preparation of their project proposals and/or application for program assistance. No consultant so employed may charge a fee, nor shall any applicant pay a fee or agree to pay a fee, contingent upon the applicant obtaining program assistance.

(d) The corporation's policy is to encourage employers that receive significant assistance from the State of New York to agree to provide notification of plant closings or major layoffs. The recipients of $100,000 or more of financial assistance from the corporation (including loans, loan guarantees and linked deposits) which are expected to have an employment level of 50 or more persons at the project site within one year of the disbursement of the program assistance will be encouraged to give a minimum of 90 days' notice to its employees and UDC prior to the reduction of its permanent work force over a one-year period by the greater of (1) 50 employees, or (2) 50 percent of its work force.

(e) Recipients of financial assistance from the corporation in an amount equal to or greater than $100,000, for a term of three years or more and which are expected to employ 50 or more permanent employees by a projected employment date, shall be subject to the corporation's interest rate adjustment policy for the program. In the event such recipient's work force falls short of the projected work force on the projected employment date by a percentage of 15 percent or more, then the interest rate for the UDC financial assistance shall be increased to a rate equal to two percent above the prevailing prime interest rate at the time of the increase. Interest rate adjustments, if any, will be made on an annual basis.

(f) An affirmative action program for each project receiving financial assistance from the corporation shall be developed by the corporation in consultation with the recipient of financial assistance and any other involved party, in compliance with all applicable laws. Compliance with the affirmative action program and with provisions of law prohibiting discrimination in employment or hiring on the basis of age, race, creed, color, national origin, sex, disability or marital status, shall be required.