N.Y. Comp. Codes R. & Regs. tit. 21 § 4230.1

Current through Register Vol. 46, No. 25, June 18, 2024

Section 4230.1 - Purpose

These regulations set forth the application process, eligibility requirements and procedure for the administration by the corporation of the minority and women-owned business development and lending program authorized and to be funded from the appropriation set forth in the appropriating legislation. The purpose of the program is to provide financial assistance to minority and women-owned business enterprises in the State as well as to projects and programs that assist the development of entrepreneurship among minority persons and women in the State. To these ends, the corporation is authorized to establish the following programs and to provide the following forms of assistance:

(a) In order to establish a program in conjunction with locally, community, and regionally based entities to decentralize lending for small loans and loans to start up minority and women-owned business enterprises (the decentralized lending program), the corporation:

(1) may make linked deposits of funds into eligible banking organizations in order to encourage such organizations to make small loans to minority and/or women-owned business enterprises; and

(2) shall establish minority and women revolving loan trust fund accounts and related administrative expense trust fund accounts.

(b) In order to establish a comprehensive program for certified government contractors and eligible government contractors, the corporation may provide contractor development assistance through government contractor loans, government contractor loan guarantees, government contractor bonding assistance and government contractor technical assistance.

(c) In order to establish a program to provide direct financial assistance, the corporation may provide:

(1) business development loans to established minority and women-owned business enterprises and business development loan guarantees to eligible banking organizations proposing to lend to such enterprises;

(2) franchise loans to minority and women-owned business enterprises seeking to acquire or expand a franchise; and

(3) franchise loan guarantees to eligible banking organizations proposing to lend to such enterprises.

(d) In order to establish a program to create incubator facilities to assist small and high risk minority and women-owned business enterprises to grow and prosper, the corporation may provide incubator assistance to eligible incubator sponsors proposing to undertake an eligible incubator project.

(e) In order to establish a comprehensive technical assistance program to assist minority and women-owned business enterprises and individuals, the corporation may provide technical assistance to eligible technical assistance recipients directly and through eligible technical assistance providers.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4230.1