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 4213.4 - Eligible and ineligible uses of loan funds
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4213.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Assistance from the loan fund may be sought and used for:
(1) except as prohibited
by subdivision (b) of this section, new construction, renovation or leasehold
improvements;
(2) the acquisition
of land or buildings;
(3) the
acquisition of machinery and equipment;
(4) the acquisition of an ongoing
business;
(5) the acquisition of a
franchise of a nationally recognized corporation;
(6) working capital; and
(7) deposits in connection with linked
deposit loans and loan guarantees.
(b) Assistance from the loan fund shall not be used for any of the following purposes:
(1) refinancing, retiring or liquidating
existing debt;
(2) participation in
the financing of nonpublic contracts for residential construction, renovation,
or development construction, unless pursuant to a government-sponsored
project;
(3) payment of any tax
arrearages; and
(4) payment of
employee benefit arrearages.
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