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Senate Bill S7231

2011-2012 Legislative Session

Requires 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

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Sponsored By

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

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2011-S7231 (ACTIVE) - Details

See Assembly Version of this Bill:
A10474
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd ยง16-t, UDC Act
Versions Introduced in Other Legislative Sessions:
2013-2014: S4878, A965
2015-2016: S579

2011-S7231 (ACTIVE) - Summary

Requires 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.

2011-S7231 (ACTIVE) - Sponsor Memo

2011-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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