New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4230 - Minority And Women-owned Business Development And Lending Program
Section 4230.8 - Business development loans

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4230.8

Current through Register Vol. 45, No. 52, December 27, 2023

The corporation may provide business development loans to certified minority and/or women-owned business enterprises for the acquisition or improvement of real property, machinery, equipment or for working capital, subject to sections 4230.4, 4230.13 and 4230.14 of this Part and the following:

(a) an applicant for a business development loan must have been in the business for which financing is sought or a business in a related field for at least three years prior to the date of its application;

(b) preference will be given to enterprises involved in manufacturing, distribution or wholesaling; and

(c) each business development loan provided by the corporation shall not be less than $50,000 and generally shall not exceed $500,000.

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