Removes the maximum limit on the amount of a single linked loan and increases the maximum amount a business can borrow during the life of the linked loan program.
STATE OF NEW YORK
________________________________________________________________________
6165
2019-2020 Regular Sessions
IN SENATE
May 21, 2019
___________
Introduced by Sen. SANDERS -- (at request of the Empire State Develop-
ment) -- read twice and ordered printed, and when printed to be
committed to the Committee on Finance
AN ACT to amend the state finance law, in relation to the Excelsior
Linked Deposit Program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 217 of the state finance law, as amended by section
2 1 of part H of chapter 60 of the laws of 2011, is amended to read as
3 follows:
4 § 217. Linked loans. Linked loans shall be made by lenders pursuant to
5 the program only to eligible businesses in connection with eligible
6 projects. [A linked loan shall be limited to a maximum amount of two
7 million dollars.] An eligible business may receive more than one linked
8 loan. During the life of the linked loan program, the total amount of
9 money that a business can borrow from the linked program is [two] five
10 million dollars. The credit decision for making a linked loan shall be
11 made solely by the lender. Notwithstanding the length of the term of a
12 linked loan, the linked deposit relating to the linked loan shall be for
13 a period of not more than four years.
14 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09724-01-9
