Bill Text: NY A10561 | 2011-2012 | General Assembly | Introduced

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Bill Title: Relates to small business revolving loan funds.

Spectrum: Partisan Bill (Democrat 14-0)

Status: (Introduced - Dead) 2012-06-05 - referred to small business [A10561 Detail]

Download: New_York-2011-A10561-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         10561
                                 I N  A S S E M B L Y
                                     June 5, 2012
                                      ___________
       Introduced by COMMITTEE ON RULES -- (at request of 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:
    1    Section 1. Section 16-t of section 1 of chapter 174  of  the  laws  of
    2  1968  constituting  the New York state urban development corporation act
    3  is amended by adding a new subdivision 3-a to read as follows:
    4    3-A. (A) FUNDS APPROPRIATED TO THE SMALL BUSINESS REVOLVING LOAN  FUND
    5  ON  OR  AFTER  APRIL 1, 2012 SHALL BE USED FOR THE PURPOSES SET FORTH IN
    6  THIS SECTION NOTWITHSTANDING THE LIMITATIONS SET FORTH IN SECTIONS SEVEN
    7  THROUGH TEN OF THIS ACT.
    8    (B) SUCH FUNDS MAY BE USED FOR PROGRAM LOANS TARGETED AND MARKETED  TO
    9  PROVIDE  SHORT-TERM  FINANCING  TO  MINORITY-  AND  WOMEN-OWNED BUSINESS
   10  ENTERPRISES  AND  SMALL  BUSINESSES  PERFORMING  CONTRACTS  TO   PROVIDE
   11  CONSTRUCTION  OR  PROFESSIONAL  SERVICES FOR STATE PROCUREMENT PURPOSES.
   12  SUCH LOANS SHALL BE USED TO UNDERWRITE THE COST OF LABOR, MATERIALS, AND
   13  EQUIPMENT DIRECTLY ASSOCIATED WITH  THE  CONTRACT  BEING  FINANCED.  THE
   14  PROGRAM  FUNDS AMOUNT USED BY THE LENDING ORGANIZATION TO FUND A PROGRAM
   15  APPLICANT LOAN SHALL NOT BE MORE THAN EIGHTY PERCENT  OF  THE  PRINCIPAL
   16  AMOUNT OF SUCH LOAN. THE PROGRAM FUNDS AMOUNT USED BY THE LENDING ORGAN-
   17  IZATION  TO FUND A PROGRAM APPLICANT LOAN SHALL NOT BE GREATER THAN FIVE
   18  HUNDRED THOUSAND DOLLARS.
   19    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD16110-01-2