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 4250.8 - General evaluation criteria
Current through Register Vol. 46, No. 12, March 20, 2024
(a) In addition to such criteria as may be set forth by the corporation from time to time in solicitations for applications from community based lending organizations, the corporation shall evaluate the program assistance application of a community based lending organization in conformance with the act and in accordance with the criteria set forth in this Part, including as applicable:
(b) 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.