N.Y. Comp. Codes R. & Regs. tit. 21 § 4250.7

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

Section 4250.7 - Business loan types and limits

(a) There shall be two categories of business loans to eligible businesses:

(1) a microloan that shall have a principal amount that is less than $25,000; and

(2) a regular loan that shall have a principal amount not less than $25,000.

(b) The program funds amount used by the community based lending organization to fund a business loan shall not be more than 50 percent of the principal amount of such loan and shall not be greater than $125,000.

(c) No less than 10 percent of the aggregate program funds shall be allocated by the corporation for microloans.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4250.7