New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4251 - Capital Access Program
Section 4251.2 - Definitions
Current through Register Vol. 45, No. 52, December 27, 2023
(a) Act shall have the meaning given in section 4251.1 of this Part.
(b) Capital Access Program (program or CAP) shall mean the loan portfolio insurance program established pursuant to section 16-k of the act and subject to applicable laws, rules and regulations, and any guidelines that the corporation may from time to time adopt with respect to the program.
(c) Community based lending organization shall include community development financial institutions, 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, community development credit unions, and community banks.
(d) Corporation shall mean the New York State Urban Development Corporation, d/b/a Empire State Development, a corporate governmental agency of the State of New York, constituting a political subdivision and public benefit corporation created by chapter 174 of the Laws of 1968, as amended.
(e) Eligible small business shall mean a small business that otherwise finds it difficult to obtain regular or sufficient bank financing.
(f) Financial institution shall mean any bank, trust company, savings bank, savings and loan association or cooperative bank chartered by the State or any national banking association, Federal savings and loan association or Federal savings bank or any community based lending organization, provided, however, that such entity has its principal office located in the State.
(g) Highly distressed area shall mean an area of pervasive poverty, high unemployment and general economic distress, that has:
(h) Loan loss reserve fund shall mean an account subject to the program maintained as a loan loss reserve for losses incurred by a participating financial institution on its portfolio of program loans.
(i) Minority-owned business enterprise shall mean a business enterprise, including a sole proprietorship, partnership or corporation that is:
(j) Minority group members shall mean persons who are:
(k) Participating financial institution shall mean a financial institution approved to participate in the program by the corporation.
(l) Program loan shall mean a loan, that conforms with section 16-k of the act and this rule, which is made to an eligible small business by a participating financial institution and covered by a loan loss reserve fund under the program.
(m) Regulated depository financial institution shall mean a financial institution regulated and chartered by the State or Federal government that is legally allowed to accept monetary deposits from consumers, provided that such depository institutions are insured by the Federal Deposit Insurance Corporation (FDIC).
(n) Small business shall have the meaning as set forth in section 131 of the Economic Development Law.
(o) State shall mean the State of New York.
(p) Third party agent or agent shall mean either New York Business Development Corporation or another third party contracted through a competitive process by the corporation to administer the Capital Access Program.
(q) Women-owned business enterprise shall mean a business enterprise, including a sole proprietorship, partnership or corporation that is: