Current through Register Vol. 46, No. 12, March 20, 2024
(a) No administering corporation shall be
eligible for selection by the corporation to administer a minority and women
revolving loan trust fund account unless it:
(1) represents a service delivery
region;
(2) has available to it
staff with sufficient expertise to analyze applications for financial
assistance, to regularly monitor financial assistance to clients, and has made
arrangements to provide management or technical assistance to
clients;
(3) has an effective plan
to market its services and to market programs provided by the corporation and
the State Department of Economic Development to eligible businesses throughout
its service delivery region; and
(4) has established a loan committee composed
of six or more persons experienced in business management, commercial lending
or in the operation of a for-profit business, at least half of whom shall be
experienced in commercial lending, at least one-third of whom shall be minority
persons and at least one-third of whom shall be women.
(b) The corporation shall prepare and
disseminate a request for proposals from administering corporations seeking to
be selected by the corporation to administer a minority and women revolving
loan trust fund account to be established for a service delivery region. Said
request for proposals shall be disseminated widely throughout the State, and to
local development corporations, industrial development agencies, and other
appropriate regional and local economic development entities. Each
administering corporation responding to said request shall submit a proposal
that:
(1) describes the administering
corporation, including its organization, membership, loan committee, staff, and
sources of other funds, if any;
(2)
identifies its service delivery region;
(3) explains the methods and criteria to
determine whether a firm in its service delivery region seeking assistance from
its minority and women revolving loan trust fund account is an eligible
business, which shall include, without limitation, the methods and criteria set
forth in section
4215.8(l)
of this Part;
(4) describes the
means for coordinating financial assistance available from its minority and
women revolving loan trust fund account with financial assistance available
from other public funding sources within its service delivery region, the
corporation and the State Department of Economic Development and how such funds
will be used to leverage private financing for eligible projects;
(5) contains such other information as the
corporation deems appropriate.
(c) In determining whether to select an
administering corporation meeting the criteria set forth in subdivision (a) of
this section to administer a minority and women revolving loan trust fund
account, the corporation shall consider:
(1)
the ability of the administering corporation to administer the financial
assistance programs authorized hereunder;
(2) the extent of coordination with other
publicly supported financial assistance programs available within the service
delivery region;
(3) the degree of
public and private support within the service delivery region for the
administering corporation; and
(4)
whether all or part of the service delivery region within which an
administering corporation proposes to administer a minority and women revolving
loan trust fund account is already being served by another administering
corporation administering the financial assistance programs forth
hereunder.
(d) The
corporation will enter into agreements with each administering corporation
selected hereunder to administer a minority and women revolving loan trust fund
account setting forth the terms and conditions for administering same and for
administering the administrative expense trust fund account established for
such administering corporation's benefit. Each agreement shall contain such
terms and conditions as are set forth in this Part for the administration of
each minority and women revolving loan trust fund account and administrative
expense trust fund account and such other terms as the corporation may
require.
