N.Y. Comp. Codes R. & Regs. tit. 21 § 4250.4

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

Section 4250.4 - Eligible uses

(a) Eligible uses of program funds by a small business borrower of the community based lending organization are:

(1) working capital;

(2) acquisition and/or improvement of real property;

(3) acquisition of machinery and equipment; and

(4) refinancing of debt obligations provided that:

(i) it does not refinance a loan already in the portfolio of the community based lending organization;

(ii) the refinanced loan will provide a tangible benefit to the business borrower as determined by the corporation in writing; and

(iii) the aggregate of the principal of all borrower refinancing loan amounts in the community based lending organization's program loan portfolio is not greater than 25 percent of the principal amount of the corporation's program loan to the community based lending organization.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4250.4