|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 02, 2012||referred to corporations, authorities and commissions|
senate Bill S7231
Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7231 (ACTIVE) - Details
S7231 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7231 TITLE OF BILL: An act to amend the New York state urban development corporation act, in relation to requiring the small business revolving loan fund to issue a certain percentage of its remaining principal or further appropriations to micro loans and micro seed loans PURPOSE: The purpose of this bill is to increase micro loans and micro seed loans from existing and future funds in the small business revolving loan fund. SUMMARY OF PROVISIONS: Section 1 amends Subdivision 3 of section 16-t of section 1 of chapter 174 of the laws of 1968 as added by section 1 of part N of chapter 59 of the laws of 2010 by creating a new category of loan, micro seed loans, that have a principal amount less than five thousand dollars; making the definition of micro loans consistent; requiring that not less than fifteen percent of any remaining principal or further appropriation to the small business revolving loan fund shall be set aside for micro loans and not less than five percent of any remaining
S7231 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7231 I N S E N A T E May 2, 2012 ___________ Introduced by Sen. SQUADRON -- 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 issue a certain percentage of its remaining principal or further appropri- ations to micro loans and micro seed loans 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 added by section 1 of part N of chapter 59 of the laws of 2010, is amended to read as follows: 3. Program loans to small businesses shall be targeted and marketed to minority and women-owned enterprises and other small businesses that are having difficulty accessing traditional credit markets. Program loans to small 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 refinancing of debt obligations. There shall be [two] THREE categories of loans to small businesses: A MICRO SEED LOAN THAT SHALL HAVE A PRINCIPAL AMOUNT LESS THAN FIVE THOUSAND DOLLARS; a micro loan that shall have a princi- pal amount [that is] NOT LESS THAN FIVE THOUSAND DOLLARS AND less than twenty-five thousand dollars; and a regular loan that shall have a prin- cipal amount not less than twenty-five thousand dollars. THE CORPO- RATION SHALL PROVIDE THAT NOT LESS THAN FIFTEEN PERCENT OF ANY REMAINING PRINCIPAL OR FURTHER APPROPRIATION OF THE FUND ON OR AFTER JULY FIRST, TWO THOUSAND TWELVE IS SET ASIDE FOR MICRO LOANS. FURTHERMORE THE CORPORATION SHALL PROVIDE THAT NOT LESS THAN FIVE PERCENT OF ANY REMAIN- ING PRINCIPAL OR FURTHER APPROPRIATION OF THE FUND ON OR AFTER JULY FIRST, TWO THOUSAND TWELVE IS SET ASIDE FOR MICRO SEED LOANS. IN YEARS AFTER JULY FIRST, TWO THOUSAND TWELVE, WHEN THERE IS NO REMAINING PRIN- CIPAL OR THERE IS NO ADDITIONAL APPROPRIATION, NOT LESS THAN FIFTEEN EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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