New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program › Section 4240.12 - Application and review

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All
				persons upon request therefor shall receive an information package including a
				copy of an informational bulletin describing the program and the forms of
				program assistance available.
(b)
				All applications for program assistance shall be addressed to: Director, Office
				of Equal Opportunity Development and Compliance, New York State Department of
				Transportation, 1220 Washington Ave., Albany, NY 12232.
(c) Applications from eligible banking
				organizations that seek to be selected as intermediaries for the receipt of a
				linked deposit or loan guaranty shall be in the form of a written proposal
				submitted to the corporation and the Department of Transportation.
(d) Enterprises that seek to obtain a
				government contractor loan, business development loan, or franchise loan shall
				request a loan application from the EODC at the address described in
				subdivision (b) of this section. The potential applicant will then be sent a
				loan application, as described in subdivisions (e) through (g) of this
				section.
(e) The loan application
				requires that each applicant provide the following information, as applicable
				to a particular project:
(1) information
				about the company, including its history, ownership (including resumes of the
				principals), size, primary products or services rendered, major customers, and
				major assets;
(2) information about
				the proposed project, including a proposed budget setting forth total project
				cost, total assistance requested, proposed uses of the loan funds and other
				proposed sources of funding; the number of jobs to be created or retained; the
				current status of the project; and the impact of the project, if any, on the
				environment and any landmark or historic properties;
(3) a description of the need for the
				requested funds, a specific justification of the loan request, a description of
				the expected impact of the requested program assistance on the company and the
				community, and an indication of the reason for seeking State
				assistance;
(4) copies of the
				schematic architectural drawings, scope of work descriptions, site
				investigation reports and construction cost estimates;
(5) a complete set of financial statements
				for at least the two preceding fiscal years;
(6) a business plan, including a market
				analysis, description of marketing strategy and operating pro forma financial
				statements going forward five years, including underlying assumptions based on
				the business plan, income statements, balance sheets and cash flow
				statements;
(7) information
				concerning the proposed collateral, including appraisals or other documentation
				of the value of the proposed collateral;
(8) letters of commitment from other
				financing sources involved in the project;
(9) a copy of the executed or proposed
				purchase option or contract for sale;
(10) a construction-to-occupancy schedule;
				and
(11) such additional
				information as the corporation may determine to be necessary for a complete
				funding analysis to be made.