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 4235.3 - Assistance

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4235.3

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

(a) Pursuant to chapter 53, section 8-b, chapter 54, section 1, and chapter 57, section 368 of the Laws of 1993, the corporation shall provide, within available appropriations, the following types of financial assistance:

(1) loan guarantees;

(2) working capital loans; and

(3) grants.

(b) Loan guarantees may be made to eligible lending organizations proposing to lend to eligible businesses for eligible projects. Financial assistance shall be provided primarily in the form of loan guarantees.

(c) Working capital loans shall be provided to businesses for eligible projects only under limited circumstances, as determined at the sole discretion of the corporation.

(d) Grants may be made to eligible recipients for the following purposes, including without limitation, technical assistance, studies and services rendered in connection with training and/or retraining of employees affected by a downsizing or closing, attraction of industry or businesses into the affected community, adaptive re-use of the site or nearby sites which is the subject of the closing, downsizing, economic development plans and diversification of the employment base.

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