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 4240.8 - Franchise loans
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4240.8
Current through Register Vol. 46, No. 12, March 20, 2024
The corporation may provide franchise loans to small businesses and certified minority and/or women-owned business enterprises that seek to acquire franchises of nationally-recognized corporations, subject to sections 4240.4 and 4240.10 of this Part and the following:
(a) disbursements by the corporation of such loans shall be conditioned on obtaining such franchise(s); and
(b) the amount of any such loan shall not be less than $50,000 and generally shall not exceed $300,000 or an amount equal to twice the amount of cash equity in the project, whichever is less.
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