STATE OF NEW YORK
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4828
2015-2016 Regular Sessions
IN SENATE
April 20, 2015
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Introduced by Sen. RANZENHOFER -- (at request of the Empire State Devel-
opment) -- read twice and ordered printed, and when printed to be
committed to the Committee on Corporations, Authorities and Commis-
sions
AN ACT to amend the New York state urban development corporation act, in
relation to the small business revolving loan fund program
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 17 to read as follows:
4 17. As provided in this subdivision, the corporation is authorized to
5 reallocate to the program funds from the Regional Revolving Loan Trust
6 Fund, Minority and Women Revolving Loan Trust Fund, Micro Enterprise
7 Revolving Loan Trust Fund and Commercial District Revolving Loan Trust
8 Fund, provided, however, notwithstanding any other provision of this
9 subdivision, the corporation shall ensure that of the total funds allo-
10 cated from the revolving loan trust funds to the small business revolv-
11 ing loan fund, at least 50% of those funds must be utilized for loans to
12 minority business enterprises, as defined in subdivision three of
13 section two hundred ten of the economic development law, and woman-owned
14 business enterprises, as defined in subdivision five of section two
15 hundred ten of the economic development law. For program loans made
16 with such reallocated funds: (a) loans provided with funds reallocated
17 from the Minority and Women Revolving Loan Trust Fund shall be to minor-
18 ity business enterprises, as defined in subdivision three of section two
19 hundred ten of the economic development law, and women-owned business
20 enterprises, as defined in subdivision five of section two hundred ten
21 of the economic development law; (b) loans provided with funds reallo-
22 cated from the Micro Enterprise Revolving Loan Trust Fund shall be
23 microloans equal to or less than seven thousand dollars to minority
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09573-02-5
S. 4828 2
1 business enterprises, as defined in subdivision three of section two
2 hundred ten of the economic development law, and women-owned business
3 enterprises, as defined in subdivision five of section two hundred ten
4 of the economic development law; (c) loans provided with funds reallo-
5 cated from the Commercial District Revolving Loan Trust Fund shall be to
6 retail business within a commercial district; (d) to the extent feasi-
7 ble, the corporation shall apply the reallocated funds from the Regional
8 Revolving Loan Trust Fund so that program eligible borrowers in all
9 regions of the state shall have access to loans funded with such reallo-
10 cated funds; (e) the corporation may authorize a lending organization to
11 fund up to one hundred percent of the principal amount of each loan with
12 reallocated funds; (f) lending organizations participating in the
13 Regional Revolving Loan Trust Fund, Minority and Women Revolving Loan
14 Trust Fund, Micro Enterprise Revolving Loan Trust Fund and Commercial
15 District Revolving Loan Trust Fund, or the program may receive such
16 reallocated funds without participating in a new competitive solicita-
17 tion; and (g) subject to the provisions of this subdivision, all other
18 provisions of this section will apply with respect to the reallocated
19 funds.
20 § 2. This act shall take effect immediately.
