Sec. 160.1. Purpose and general description

The Excelsior Linked Deposit Program authorizes the Comptroller to deposit State funds and the Commissioner of Taxation and Finance to deposit funds of public authorities and public benefit corporations with participating banks, thrifts, farm credit system institutions, and the New York Business Development Corporation at a reduced rate of return when such banks, thrifts, farm credit system institutions, and the New York Business Development Corporation make lower cost loans, on the basis of such linked deposits, to qualifying businesses to improve productivity, competitiveness, access to new markets, and exporting capabilities. The Commissioner of Economic Development is charged with administering the program. The purpose of these regulations is to set forth the eligibility requirements and application procedures for participation by businesses and banks and thrifts in the program.