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 4250.3 - Eligible business, eligible projects and ineligible projects
Current through Register Vol. 45, No. 52, December 27, 2023
(a) Business loans shall be offered by community based lending organizations on the terms and conditions that are in accordance with and subject to the act and the provisions of this Part. Business loans shall be provided by the community based lending organization only to eligible businesses for eligible projects and shall not be used for ineligible projects. The terms eligible business, eligible projects and ineligible projects are defined as follows. An eligible business is a:
(b) An eligible project is a business loan from a community based lending organization to an eligible business in the service delivery area for an eligible use, whereby the community based lending organization has reviewed every business loan application to determine the feasibility of the proposed eligible use(s) of the financing requested by the small business applicant, the likelihood of repayment, and the potential that the loan will generate economic development and jobs within the State. An eligible project cannot be an ineligible project as defined below.
(c) An ineligible project shall mean: