New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4230 - Minority And Women-owned Business Development And Lending Program › Section 4230.15 - 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:
The Director of the Minority and
Women-Owned Business Development and Lending Program
New York State Urban Development Corporation
1515 Broadway
New York, NY 10036-8960
(c) Applications from eligible banking
				organizations and other financial institutions that seek to be selected as
				intermediaries for the receipt of a linked deposit or loan guarantee shall be
				in the form of a written proposal submitted to the corporation.
(d) Applications from administering
				corporations that seek to be selected as intermediaries for the receipt of
				trust fund proceeds shall be in the form of a response to a request for
				proposals disseminated by the corporation pursuant to section
				4230.6(d)(2) of
				this Part.
(e) Applications for
				incubator assistance and technical assistance shall be submitted in accordance
				with the terms of sections
				4230.11 and
				4230.12 of this Part,
				respectively.
(f) Enterprises that
				seek to obtain a government contractor loan, business development loan, or
				franchise loan shall request a loan application from the corporation and the
				potential applicant will then be sent a loan application, as described below in
				subdivisions (g) through (l) of this section.
(g) 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 three 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.