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 4215.8 - Providing assistance
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4215.8
Current through Register Vol. 46, No. 12, March 20, 2024
(a) An administering corporation shall not approve a loan unless the following conditions are met:
(1) the administering
corporation has determined that the loan applicant is an eligible business,
based upon a diligent investigation which may include, without limitation:
(i) interviews with persons holding ownership
interests in or management positions with the loan applicant;
(ii) visits to the project site or to the
site of the applicant's business operations; and
(iii) the review of the organizational
documents and other books and records of the applicant, and such other
documents as may be provided by the applicant pursuant to requests made by the
administering corporation;
(2) the project which the Loan applicant
seeks to undertake is:
(i) an eligible
project;
(ii) feasible;
(iii) located in the service delivery region
served by the administering corporation; and
(iv) will comply with any applicable
environmental rules or regulations;
(3) there is a reasonable likelihood of
repayment of the loan requested by the applicant;
(4) the applicant has agreed to first
consider persons eligible to participate in Job Training Partnership Act ( 29
U.S.C. 1501, et seq.) programs. Such persons shall be referred to the applicant
by administrative entities of service delivery areas created pursuant to such
act or by the Job Service Division of the State Department of Labor;
and
(5) the administering
corporation has not advanced any previous loan to the applicant using trust
fund proceeds.
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