New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program
Section 4240.12 - Application and review
Current through Register Vol. 46, No. 12, March 20, 2024
(a) All persons upon request therefor shall receive an information package including a copy of an informational bulletin describing the program and the forms of program assistance available.
(b) All applications for program assistance shall be addressed to: Director, Office of Equal Opportunity Development and Compliance, New York State Department of Transportation, 1220 Washington Ave., Albany, NY 12232.
(c) Applications from eligible banking organizations that seek to be selected as intermediaries for the receipt of a linked deposit or loan guaranty shall be in the form of a written proposal submitted to the corporation and the Department of Transportation.
(d) Enterprises that seek to obtain a government contractor loan, business development loan, or franchise loan shall request a loan application from the EODC at the address described in subdivision (b) of this section. The potential applicant will then be sent a loan application, as described in subdivisions (e) through (g) of this section.
(e) The loan application requires that each applicant provide the following information, as applicable to a particular project:
(f) If staff determines a proposal is appropriate for funding under the criteria set forth in this section it will be presented to the corporation's directors for approval. The directors generally meet once a month. Loans and loan guarantees in an amount of less than $100,000 may be authorized by the president and chief executive officer of the corporation, acting on behalf of the corporation.
(g) Upon the completion of the approval process, the corporation will issue, by letter, a commitment of limited time duration for approved program assistance. The commitment letter will set forth the terms and conditions for the authorized assistance and will specify the date by which such assistance must be closed or the commitment therefor will expire. All loans funded under the program are exempt from the review of the New York State Public Authorities Control Board (PACB).