New York Codes Rules Regulations (Last Updated: March 27,2024) |
TITLE 21. Miscellaneous |
Chapter L. New York State Urban Development Corporation |
Part 4213. Minority and Women Business Development and Revolving Loan Fund Program |
Sec. 4213.4. Eligible and ineligible uses of loan funds
Latest version.
- (a) Assistance from the loan fund may be sought and used for:(1) except as prohibited by subdivision (b) of this section, new construction, renovation or leasehold improvements;(2) the acquisition of land or buildings;(3) the acquisition of machinery and equipment;(4) the acquisition of an ongoing business;(5) the acquisition of a franchise of a nationally recognized corporation;(6) working capital; and(7) deposits in connection with linked deposit loans and loan guarantees.(b) Assistance from the loan fund shall not be used for any of the following purposes:(1) refinancing, retiring or liquidating existing debt;(2) participation in the financing of nonpublic contracts for residential construction, renovation, or development construction, unless pursuant to a government-sponsored project;(3) payment of any tax arrearages; and(4) payment of employee benefit arrearages.