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Assembly Bill A4116

2015-2016 Legislative Session

Relates to small business revolving loan funds

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Archive: Last Bill Status - Stricken

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2015-A4116 (ACTIVE) - Details

Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd ยง16-t, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: A10561
2013-2014: A2354

2015-A4116 (ACTIVE) - Summary

Provides that small business revolving loan funds may be used to provide short-term financing to minority- and women-owned business enterprises and small businesses performing contracts to provide construction or professional services for state procurement purposes; provides such loans shall be used to underwrite the cost of labor, materials, and equipment directly associated with the contract being financed.

2015-A4116 (ACTIVE) - Bill Text download pdf 

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

                                  4116

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 29, 2015
                               ___________

Introduced  by  M.  of  A.  SCARBOROUGH -- read once and referred to the
  Committee on Small Business

AN ACT to amend the New York state urban development corporation act, in
  relation to small business revolving loan funds

  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 New York state urban development  corporation  act
is amended by adding a new subdivision 3-a to read as follows:
  3-A.  (A) FUNDS APPROPRIATED TO THE SMALL BUSINESS REVOLVING LOAN FUND
ON OR AFTER APRIL 1, 2016 SHALL BE USED FOR THE PURPOSES  SET  FORTH  IN
THIS SECTION NOTWITHSTANDING THE LIMITATIONS SET FORTH IN SECTIONS SEVEN
THROUGH TEN OF THIS ACT.
  (B)  SUCH FUNDS MAY BE USED FOR PROGRAM LOANS TARGETED AND MARKETED TO
PROVIDE SHORT-TERM  FINANCING  TO  MINORITY-  AND  WOMEN-OWNED  BUSINESS
ENTERPRISES   AND  SMALL  BUSINESSES  PERFORMING  CONTRACTS  TO  PROVIDE
CONSTRUCTION OR PROFESSIONAL SERVICES FOR  STATE  PROCUREMENT  PURPOSES.
SUCH LOANS SHALL BE USED TO UNDERWRITE THE COST OF LABOR, MATERIALS, AND
EQUIPMENT  DIRECTLY  ASSOCIATED  WITH  THE  CONTRACT BEING FINANCED. THE
PROGRAM FUNDS AMOUNT USED BY THE LENDING ORGANIZATION TO FUND A  PROGRAM
APPLICANT  LOAN  SHALL  NOT BE MORE THAN EIGHTY PERCENT OF THE PRINCIPAL
AMOUNT OF SUCH LOAN. THE PROGRAM FUNDS AMOUNT USED BY THE LENDING ORGAN-
IZATION TO FUND A PROGRAM APPLICANT LOAN SHALL NOT BE GREATER THAN  FIVE
HUNDRED THOUSAND DOLLARS.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08041-01-5

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