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 4250.4 - Eligible uses
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4250.4
Current through Register Vol. 45, No. 52, December 27, 2023
(a) Eligible uses of program funds by a small business borrower of the community based lending organization are:
(1) working
capital;
(2) acquisition and/or
improvement of real property;
(3)
acquisition of machinery and equipment; and
(4) refinancing of debt obligations provided
that:
(i) it does not refinance a loan
already in the portfolio of the community based lending organization;
(ii) the refinanced loan will provide a
tangible benefit to the business borrower as determined by the corporation in
writing; and
(iii) the aggregate of
the principal of all borrower refinancing loan amounts in the community based
lending organization's program loan portfolio is not greater than 25 percent of
the principal amount of the corporation's program loan to the community based
lending organization.
Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.