STATE OF NEW YORK
________________________________________________________________________
10561
IN ASSEMBLY
June 5, 2012
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Scarborough)
-- read once and referred to the Committee on Small Business
AN ACT to amend the New York state urban development corporation act, in
relation to small business revolving loan funds
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 16-t of section 1 of chapter 174 of the laws of
2 1968 constituting the New York state urban development corporation act
3 is amended by adding a new subdivision 3-a to read as follows:
4 3-a. (a) Funds appropriated to the small business revolving loan fund
5 on or after April 1, 2012 shall be used for the purposes set forth in
6 this section notwithstanding the limitations set forth in sections seven
7 through ten of this act.
8 (b) Such funds may be used for program loans targeted and marketed to
9 provide short-term financing to minority- and women-owned business
10 enterprises and small businesses performing contracts to provide
11 construction or professional services for state procurement purposes.
12 Such loans shall be used to underwrite the cost of labor, materials, and
13 equipment directly associated with the contract being financed. The
14 program funds amount used by the lending organization to fund a program
15 applicant loan shall not be more than eighty percent of the principal
16 amount of such loan. The program funds amount used by the lending organ-
17 ization to fund a program applicant loan shall not be greater than five
18 hundred thousand dollars.
19 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16110-01-2
