New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4215 - Minority And Women Revolving Loan Trust Fund
Section 4215.2 - Definitions

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4215.2

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Administering corporation shall mean:

(1) for the purposes of establishing and administering a minority and women revolving loan trust fund account or an administrative expense trust fund account with funds reappropriated pursuant to the trust fund reappropriation:
(i) a not-for-profit corporation with jurisdiction over a service delivery region which has been established by a group of individuals who, collectively, represent the service delivery region; or

(ii) any one of the following entities with jurisdiction over a service delivery region containing an economic development zone:
(a) an economic development zone capital corporation established pursuant to section 964 of article 18-B of the General Municipal Law; or

(b) an industrial development agency or community-based local development corporation which:
(1) serves a municipality in which an economic development zone is located, provided such zone is contained in the service delivery region of such agency or corporation; and

(2) was established for the primary purpose of assisting eligible businesses located or to be located in such economic development zone; or

(iii) a local or community development corporation, industrial development agency or other not-for-profit corporation with jurisdiction over a service delivery region which provides services to community businesses, and one of whose primary purposes is to provide services and assistance to eligible businesses.

(2) for the purposes of establishing and administering a minority and women revolving loan trust fund account or an administrative expense trust fund account with funds appropriated pursuant to the trust fund appropriation, a not-for-profit corporation with jurisdiction over a service deliver region consisting of a representative group of the following types of entities operating within the service delivery region:
(i) an economic development zone capital corporation established pursuant to section 964 of the General Municipal Law; or

(ii) an industrial development agency or community-based local development corporation which:
(a) serves a municipality in which an economic development zone is located, provided such zone is contained in the service delivery region to be assisted by the administering corporation; and

(b) was established for the primary purpose of assisting eligible businesses located or to be located in such economic development zone; or

(iii) a local or community development corporation, industrial development agency or other not-for-profit corporation which provides services to community businesses, and one of whose primary purposes is to provide services and assistance to eligible businesses.

(b) Administrative costs shall mean the costs incurred by an administering corporation selected to administer a minority and women revolving loan trust fund account in preparing to administer and in administering the financial assistance programs set forth hereunder, including, without limitation, the costs of:

(1) preparing and printing marketing materials;

(2) preparing press releases and other promotional materials;

(3) developing and printing application forms;

(4) professional development and review of standard form loan documents;

(5) salaries and benefits of employees;

(6) office supplies and equipment; and

(7) expenses reasonably incurred in connection with the processing of any loan application or the closing of any loan hereunder and for which reimbursement is not sought or obtained from the applicant or borrower pursuant to section 4215.11 of this Part.

(c) Administrative expense trust fund account shall mean each and every account established by the corporation pursuant to section 4215.4 of this Part.

(d) Corporation shall mean the New York State Urban Development Corporation, a public benefit corporation created by chapter 174 of the Laws of 1968, as amended.

(e) Economic development zone shall mean an economic development zone as defined in subdivision (d) of section 957 of the General Municipal Law.

(f) Eligible business shall mean a for-profit minority- or women-owned business enterprise that is resident in the State, and independently owned and operated.

(g) Eligible project shall mean any project undertaken by an eligible business, subject to the limitations of this Part.

(h) Fixed asset loans shall mean secured or unsecured loans for the acquisition or improvement of real property or for the acquisition of machinery and equipment whose principal sums do not exceed $50,000 and whose terms do not exceed the useful life of the equipment or property that they are financing.

(i) Loans shall mean working capital loans or fixed asset loans.

(j) Minority-owned business enterprise shall mean a business enterprise which is at least 51 percent owned, or in the case of a publicly owned business at least 51 percent of the common stock or other voting interests of which is owned, by one or more minority persons and such ownership interest is real, substantial and continuing. The minority ownership must have and exercise the authority to independently control the day-to-day business decisions of the entity.

(k) Minority persons shall mean persons who are:

(1) Black;

(2) Hispanic persons of Mexican, Puerto Rican, Dominican, Cuban, Central or South American descent of either Indian or Hispanic origin, regardless of race;

(3) Asian and Pacific Islander persons having origins in the Far East, Southeast Asia, the Indian sub-continent or the Pacific Islands; or

(4) American Indian or Alaskan Native persons having origins in any of the original peoples of North America and maintaining identifiable tribal affiliations through membership and participation or community identification.

(l) Minority and women revolving loan trust fund account shall mean each and every account established by the corporation for each and every service delivery region.

(m) Municipality shall mean a city, town, village or county, or portion thereof, served by an administering corporation described in clause (a)(1)(ii)(b) or an entity described in subparagraph (a)(2)(ii) of this section.

(n) Service delivery region shall mean:

(1) for any administering corporation described in paragraph (a)(1)(i) or (2) of this section, an area containing no less than one entire county in the State; and

(2) for any administering corporation described in subparagraph (a)(1)(ii) or (iii) of this section, an area containing no less than one entire county in the State, or a population of no fewer than 300,000 persons, whichever is less populous.

(o) State shall mean the State of New York.

(p) Total project cost shall mean the cost required to implement and complete an eligible project.

(q) Trust fund shall mean the minority and women revolving loan trust fund created by the trust fund appropriation and the trust fund reappropriation.

(r) Trust fund appropriation shall mean chapter 54, section 1 of the Laws of 1991, and any subsequent appropriation and/or reappropriation of funds to the trust fund, except the trust fund reappropriation.

(s) Trust fund proceeds shall mean any and all monies made available to the corporation for deposit to the trust fund, including monies appropriated by the State and any income earned by, or incremental to, the account due to the investment of same, or any repayments of monies advanced from the trust fund.

(t) Trust fund reappropriation shall mean the reappropriation of funds to the trust fund pursuant to chapter 54, section 3 of the Laws of 1991, which funds were originally appropriated to the trust fund pursuant to chapter 54, section 1 of the Laws of 1990.

(u) Women-owned business enterprise shall mean a business enterprise that is at least 51 percent owned, or in the case of a publicly owned business at least 51 percent of the common stock or other voting interests of which is owned, by United States citizens or permanent resident aliens who are women, regardless of race or ethnicity, and such ownership interest is real, substantial and continuing and such women have and exercise the authority to independently control the day to day business decisions of the enterprise.

(v) Working capital loans shall mean secured or unsecured loans for working capital, revolving lines of credit, and seasonal inventory and accounts receivable loans made for principal sums not exceeding $35,000 and for terms not exceeding five years.

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