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 4250.7 - Business loan types and limits
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4250.7
Current through Register Vol. 46, No. 12, March 20, 2024
(a) There shall be two categories of business loans to eligible businesses:
(1) a microloan that shall have a principal
amount that is less than $25,000; and
(2) a regular loan that shall have a
principal amount not less than $25,000.
(b) The program funds amount used by the community based lending organization to fund a business loan shall not be more than 50 percent of the principal amount of such loan and shall not be greater than $125,000.
(c) No less than 10 percent of the aggregate program funds shall be allocated by the corporation for microloans.
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