senate Bill S4359

Relates to the small business revolving loan fund program

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 21 / Mar / 2013
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
  • 06 / May / 2013
    • 1ST REPORT CAL.542
  • 07 / May / 2013
    • 2ND REPORT CAL.
  • 08 / May / 2013
    • ADVANCED TO THIRD READING
  • 20 / Jun / 2013
    • PASSED SENATE
  • 20 / Jun / 2013
    • DELIVERED TO ASSEMBLY
  • 20 / Jun / 2013
    • REFERRED TO SMALL BUSINESS
  • 08 / Jan / 2014
    • DIED IN ASSEMBLY
  • 08 / Jan / 2014
    • RETURNED TO SENATE
  • 08 / Jan / 2014
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Summary

Relates to the small business revolving loan fund program.

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Bill Details

See Assembly Version of this Bill:
A6916
Versions:
S4359
Legislative Cycle:
2013-2014
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd ยง16-t, UDC Act

Sponsor Memo

BILL NUMBER:S4359

TITLE OF BILL: An act to amend the urban development corporation act,
in relation to the small business revolving loan fund program

Purpose of Bill: This bill would enable Empire State Development
(ESD) to fully utilize its revolving loan funding by permitting it to
reallocate funds to the Small Business Revolving Loan Trust Fund from
the Regional Revolving Loan Trust Fund Program, Minority and Women
Revolving Loan Trust Fund Program, Micro Enterprise Revolving Loan
Trust Fund and Commercial District Revolving Loan Trust fund, provided
that loans made with such reallocated funds are made to the types of
businesses that would be eligible under the respective program from
which the funds were reallocated.

Summary of Provisions:

Section 1 of the bill would amend the Small Business Revolving Loan
Trust Fund Program by adding a new subdivision 16, which permits the
reallocation of funding to the Small Business Revolving Loan Trust
Fund Program from the Regional Revolving Loan Trust Fund Program.
Minority and Women Revolving Loan Trust Fund Program, Micro Enterprise
Revolving Loan Trust Fund and Commercial District Revolving Loan Trust
fund, provided that loans made with such reallocated funds were made
to the types of businesses that would be eligible under the respective
program from which the funds were reallocated.

Section two of the bill is the effective date.

Existing Law: Currently, the Revolving Loan Trust Fund Programs
listed in the bill do not permit reallocation of funding.

Prior Legislative History: This is a new bill.

Statement in Support: The bill would enable ESD to fully utilize its
revolving loan program funding by permitting reallocation of funding
from several revolving loan fund programs to the Small Business
Revolving Loan Fund Program. This will allow ESD greater flexibility
to structure transactions that more closely meet changing market
requirements, while still servicing the types of businesses that the
Revolving Loan Fund Programs from which the funds are being
reallocated were intended to benefit.

Fiscal Implications: None to the State.

Effective Date: This bill would take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4359

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 21, 2013
                               ___________

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 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:

  Section  1.    Section 16-t of section 1 of chapter 174 of the laws of
1968, constituting the urban development corporation act, is amended  by
adding a new subdivision 16 to read as follows:
  (16) AS PROVIDED IN THIS SUBDIVISION, THE CORPORATION IS AUTHORIZED TO
REALLOCATE  TO  THE PROGRAM FUNDS FROM THE REGIONAL REVOLVING LOAN TRUST
FUND, THE MINORITY AND WOMEN REVOLVING LOAN TRUST FUND, THE MICRO ENTER-
PRISE REVOLVING LOAN TRUST FUND AND THE  COMMERCIAL  DISTRICT  REVOLVING
LOAN  TRUST  FUND.  FOR  PROGRAM LOANS MADE WITH SUCH REALLOCATED FUNDS:
(A) LOANS PROVIDED WITH FUNDS REALLOCATED FROM THE  MINORITY  AND  WOMEN
REVOLVING  LOAN TRUST FUND SHALL BE TO MINORITY BUSINESS ENTERPRISES, AS
DEFINED IN SUBDIVISION THREE OF SECTION TWO HUNDRED TEN OF THE  ECONOMIC
DEVELOPMENT  LAW,  AND  WOMEN-OWNED  BUSINESS ENTERPRISES, AS DEFINED IN
SUBDIVISION FIVE OF SECTION TWO HUNDRED TEN OF THE ECONOMIC  DEVELOPMENT
LAW; (B) LOANS PROVIDED WITH FUNDS REALLOCATED FROM THE MICRO ENTERPRISE
REVOLVING  LOAN  TRUST  FUND  SHALL  BE MICROLOANS EQUAL TO OR LESS THAN
SEVEN THOUSAND DOLLARS TO MINORITY BUSINESS ENTERPRISES, AS  DEFINED  IN
SUBDIVISION THREE OF SECTION TWO HUNDRED TEN OF THE ECONOMIC DEVELOPMENT
LAW,  AND  WOMEN-OWNED  BUSINESS  ENTERPRISES, AS DEFINED IN SUBDIVISION
FIVE OF SECTION TWO HUNDRED TEN OF THE  ECONOMIC  DEVELOPMENT  LAW;  (C)
LOANS  PROVIDED  WITH  FUNDS  REALLOCATED  FROM  THE COMMERCIAL DISTRICT
REVOLVING LOAN TRUST FUND SHALL BE TO RETAIL BUSINESS WITHIN  A  COMMER-
CIAL  DISTRICT;  (D) TO THE EXTENT FEASIBLE, THE CORPORATION SHALL APPLY
THE REALLOCATED FUNDS FROM THE REGIONAL REVOLVING  LOAN  TRUST  FUND  SO

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08437-01-3

S. 4359                             2

THAT  PROGRAM  ELIGIBLE BORROWERS IN ALL REGIONS OF THE STATE SHALL HAVE
ACCESS TO LOANS FUNDED WITH SUCH REALLOCATED FUNDS; (E) THE  CORPORATION
MAY  AUTHORIZE  A LENDING ORGANIZATION TO FUND UP TO ONE HUNDRED PERCENT
OF THE PRINCIPAL AMOUNT OF EACH LOAN WITH REALLOCATED FUNDS; (F) LENDING
ORGANIZATIONS  PARTICIPATING  IN THE REGIONAL REVOLVING LOAN TRUST FUND,
THE MINORITY AND WOMEN REVOLVING LOAN TRUST FUND, THE  MICRO  ENTERPRISE
REVOLVING  LOAN  TRUST  FUND  AND THE COMMERCIAL DISTRICT REVOLVING LOAN
TRUST FUND, OR THE PROGRAM MAY RECEIVE SUCH  REALLOCATED  FUNDS  WITHOUT
PARTICIPATING  IN A NEW COMPETITIVE SOLICITATION; AND (G) SUBJECT TO THE
PROVISIONS OF THIS SUBDIVISION, ALL OTHER  PROVISIONS  OF  THIS  SECTION
WILL APPLY WITH RESPECT TO THE REALLOCATED FUNDS.
  S 2. This act shall take effect immediately.

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