N.Y. Comp. Codes R. & Regs. tit. 21 § 4240.7

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

Section 4240.7 - Business development loans

The corporation may provide business development loans to small businesses and certified minority and/or women-owned business enterprises for the acquisition or improvement of real property, machinery, equipment or for working capital, subject to sections 4240.4 and 4240.10 of this Part and the following:

(a) an applicant for a business development loan must have been in the business for which financing is sought or in a related field at least three years prior to the date of its application;

(b) preference will be given to enterprises involved in manufacturing, distribution or wholesaling; and

(c) each business development loan provided by the corporation shall not be less than $50,000 and generally shall not exceed $500,000.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4240.7