New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4250 - Small Business Revolving Loan Fund
Section 4250.1 - Purpose

The purpose of these regulations is to set forth and codify administration by the New York State Urban Development Corporation (the corporation) of the Small Business Revolving Loan Fund (the program) authorized by section 16-t of the New York State Urban Development Corporation Act (the act) (Unconsolidated Laws section 6266-t, added by chapter 59, part N, section 1, of the Laws of 2010). The corporation is authorized, within available appropriations, to provide low interest loans to community development financial institutions, in order to provide funding for those lending organizations' loans to small businesses, located within New York State, that generate economic growth and job creation within New York State but that are unable to obtain adequate credit or adequate terms for such credit. If the use of a community development financial institution is not practicable based upon an assessment of geographic and administrative capacity and other factors as determined by the corporation, then the corporation is authorized, within available appropriations, to provide low interest loans to the following other local community based lending organizations: small business lending consortia, certified development companies, providers of United States Department of Agriculture business and industrial guaranteed loans, United States Small Business Administration loan providers, credit unions and community banks.