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Assembly Bill A6916

2013-2014 Legislative Session

Relates to the small business revolving loan fund program

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Archive: Last Bill Status - In Assembly Committee

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2013-A6916 (ACTIVE) - Details

See Senate Version of this Bill:
S4359
Current Committee:
Assembly Small Business
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd ยง16-t, UDC Act
Versions Introduced in 2015-2016 Legislative Session:
S4828

2013-A6916 (ACTIVE) - Summary

Relates to the small business revolving loan fund program.

2013-A6916 (ACTIVE) - Bill Text download pdf 

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

                                  6916

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             April 24, 2013
                               ___________

Introduced  by  M.  of A. SCARBOROUGH -- (at request of the Empire State
  Development) -- read once and referred to the Committee on Small Busi-
  ness

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
THAT PROGRAM ELIGIBLE BORROWERS IN ALL REGIONS OF THE STATE  SHALL  HAVE

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

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