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 4240.7 - Business development loans

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4240.7

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

The corporation may provide business development loans to small businesses and 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 4240.4 and 4240.10 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 in a related field 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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