New York Codes Rules Regulations (Last Updated: March 27,2024) |
TITLE 21. Miscellaneous |
Chapter L. New York State Urban Development Corporation |
Part 4240. Small, Minority Business and Women-Owned Business Enterprises Transportation Capital Assistance and Guaranteed Loan Program |
Sec. 4240.7. Business development loans
Latest version.
- The corporation may provide business development loans to small businesses and certified minority and/or women-owned business enterprises for the acquisition or improvement of real property, machinery, equipment or for working capital, subject to sections 4240.4 and 4240.10 of this Part and the following:(a) an applicant for a business development loan must have been in the business for which financing is sought or in a related field at least three years prior to the date of its application;(b) preference will be given to enterprises involved in manufacturing, distribution or wholesaling; and(c) each business development loan provided by the corporation shall not be less than $50,000 and generally shall not exceed $500,000.