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 4235.8 - Application and project process
Current through Register Vol. 46, No. 12, March 20, 2024
(a) An applicant for program assistance for a loan guarantee or a working capital loan shall file an application with the corporation on forms provided by the corporation.
(b) Program applications shall require that some or all of the following information be submitted:
(c) Upon receipt of the application, the corporation shall review the application for eligibility, completeness and conformance with loan fund criteria. A copy of each completed application, with any confidential information redacted, may be provided to the appropriate regional office of the Department of Economic Development for the office's information.
(d) If the corporation concludes that the proposal satisfies the necessary requirements, it will submit the proposal to the corporation's directors for approval. The directors normally meet once a month. In the event that the corporation's directors approve a plan for a working capital loan or loan guarantee as provided above, the corporation will schedule a public hearing in accordance with the UDC Act. The corporation may waive the necessity for a public hearing if the corporation determines that any delay caused by the notice requirement for the hearing will cause undue hardship to the company. Following final approval by the corporation, a plan for a working capital loan or loan guarantee must then be reviewed by the State Public Authorities Control Board (PACB), which also generally meets once a month. In the event PACB approves a working capital loan or loan guarantee, legal documents will be drafted by the corporation. Until the legal documents are actually executed, the funding of a project is not certain and should not be assumed.