New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4235 - Job Retention And Defense Industry Working Capital Loan Program
Section 4235.2 - Definitions

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4235.2

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

(a) Appropriating legislation shall mean the Job Retention Working Capital Loan Fund, chapter 57, section 368 of the Laws of 1993.

(b) 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.

(c) Eligible lending organization shall mean any banking or insurance organization regulated by New York State or any nationally recognized financial or lending institution not affiliated with an eligible business.

(d) Eligible business shall mean a business that is resident in New York State, with the exception of those listed in section 4235.5(b) and (c) of this Part.

(e) Eligible recipients shall mean:

(1) any municipality of the State;

(2) a local development corporation;

(3) an industrial development agency; and

(4) any corporation organized under the Not-for-Profit Corporation Law of the State of New York.

(f) Grants shall mean a grant to an eligible recipient which satisfies the criteria set forth in section 4235.4(b) of this Part.

(g) Industrial effectiveness program (IEP) shall mean the industrial effectiveness program established by the corporation pursuant to chapter 839 of the Laws of 1987, and administered by the corporation pursuant to the provisions of Chapter L of this Title to provide assistance to industrial firms to preserve or create permanent private sector jobs through improved productivity and other operational improvements.

(h) Loan fund shall mean the Job Retention Working Capital Loan Fund authorized and to be funded from the appropriation set forth in the appropriating legislation.

(i) Loan guarantees shall mean guarantees made by the corporation to eligible lending organizations to repay or service working capital loans.

(j) Strategic industries shall mean businesses involved with the defense, garment, wood products, metal working, pharmaceutical, aerospace, automotive technology and jewelry manufacturing industries.

(k) Working capital shall mean funds for accounts receivable, inventory and expenses to upgrade and reconfigure the competitive position of the eligible business.

(l) Working capital loans shall mean loans for working capital as defined in this section.

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