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 4213.3 - Eligible and ineligible enterprises
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4213.3
Current through Register Vol. 46, No. 12, March 20, 2024
(a) To be eligible for assistance from the loan fund, an enterprise must be organized on a for-profit basis, must be formally authorized to do business in the State, must operate out of a fixed business location and must not be operated on an avocational or part-time basis. In addition, to be eligible for assistance from the loan fund, an enterprise must have received certification.
(1) With respect to program assistance other
than a government contractor loan, government-sponsored residential
construction loan and loan guarantees for either of these two types of loans,
certification must be obtained through the New York State Minority- and
Women-Owned Business Enterprise Certification Program; provided, however, that
this requirement shall be deemed to have been met if the enterprise has had its
application for certification rejected by the certifying agency through its
duly authorized representative on the ground that such enterprise is a start-up
business and is ineligible for certification until such time as it can document
business activity and operational control as a minority-owned business
enterprise or as a women-owned business enterprise as evidenced by the written
determination of the Director of the Governor's Office of Minority and Women's
Business Development. Denial of certification on any other ground will make an
applicant ineligible for program assistance. The corporation shall refer to a
determination that certification is rejected on the ground that a start-up
business enterprise cannot document business activity and operational control
as a minority-owned business enterprise or women-owned business enterprise in
any materials submitted to the president and chief executive officer and/or
directors of the corporation in connection with any request for approval of the
proposed assistance as a "postponement of certification determination." In any
such instance where financial assistance is approved and certification is
rejected on the ground that the start-up enterprise cannot document business
activity and operational control as an minority-owned business enterprise or
women-owned business enterprise, the corporation will require a completed
application for certification to be submitted to the Governor's Office of
Minority and Women's Business Development within one year from the date on
which the corporation makes its first disbursement of funds in connection with
the project. The failure to so submit an application for certification, the
rejection of such application, or denial of certification and the failure of
the enterprise to appeal successfully the denial decision in the manner
authorized pursuant to the New York State Minority- and Women-Owned Business
Certification Guidelines, shall constitute a default by the enterprise. Such
default shall release the corporation from all obligations with respect to its
assistance under the program and all amounts disbursed or otherwise paid out or
deposited by the corporation in connection with any financial assistance under
the program shall become immediately due and payable to the
corporation.
(2) With respect to
program assistance in the form of a government contractor loan,
government-sponsored residential construction loan and loan guarantees for
either of these two types of loan, certification may be obtained through any
authorized certification program administered by a public entity within the
State, provided that at the time of application for program assistance the
business enterprise has applied for certification through the New York State
Minority- and Women-Owned Business Enterprise Certification Program. In
addition, a recipient of program assistance in the form of a government
contractor loan, government-sponsored residential construction loan or loan
guarantee for either of these two types of loans must diligently pursue
certification through the New York State Minority- and Women-Owned Business
Enterprise Certification Program, as set forth in paragraph (1) of this
subdivision, and must ultimately receive such certification as set forth in
paragraph (1) of this subdivision.
(b) The following enterprises are ineligible for assistance from the loan fund:
(1)
educational institutions; and
(2)
hospitals or residential health care facilities.
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