Senate Bill S4202

2021-2022 Legislative Session

Relates to requiring the small business revolving loan fund to target and market to veteran-owned enterprises and service disabled veteran-owned enterprises

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S4202 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §16-t, UDC Act
Versions Introduced in Other Legislative Sessions:
2015-2016: S6096
2017-2018: S4230
2019-2020: S2739
2023-2024: S1671

2021-S4202 (ACTIVE) - Summary

Relates to requiring the small business revolving loan fund to target and market to veteran-owned enterprises and service disabled veteran-owned enterprises.

2021-S4202 (ACTIVE) - Sponsor Memo

2021-S4202 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4202
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 2, 2021
                                ___________
 
 Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 AN ACT to amend the New York state urban development corporation act, in
   relation to requiring the small business revolving loan fund to target
   and  market to veteran-owned enterprises and service-disabled veteran-
   owned enterprises
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 3 of section 16-t of section 1 of chapter 174
 of the laws of 1968, constituting the New York state  urban  development
 corporation  act,  as  amended  by  chapter  254 of the laws of 2016, is
 amended to read as follows:
   3. Program loans to small businesses  and  micro-businesses  shall  be
 targeted  and marketed to minority and women-owned enterprises, VETERAN-
 OWNED ENTERPRISES AS SET  FORTH  IN  15  U.S.C.  SECTION  632(Q)(3),  AS
 AMENDED  FROM  TIME  TO  TIME, AND SERVICE-DISABLED VETERAN-OWNED ENTER-
 PRISES AS SET FORTH IN ARTICLE SEVENTEEN-B OF  THE  EXECUTIVE  LAW,  and
 other  small  businesses and micro-businesses that are having difficulty
 accessing traditional credit markets. Program loans to small  businesses
 and  micro-businesses  shall  be  used for the creation and retention of
 jobs, as defined by the corporation, including: (a) working capital; (b)
 the acquisition and/or improvement of real property; (c) the acquisition
 of machinery and equipment, property or improvement; or  (d)  the  refi-
 nancing  of  debt obligations. There shall be two categories of loans to
 small businesses and micro-businesses: a micro loan that  shall  have  a
 principal  amount  that  is less than twenty-five thousand dollars and a
 regular loan that shall have a principal amount not  less  than  twenty-
 five  thousand  dollars.  Prior  to receiving program funds, the lending
 organization must certify to the corporation  that  such  loan  complies
 with  this section and rules and regulations promulgated for the program
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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