New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4213 - Minority And Women Business Development And Revolving Loan Fund Program › Section 4213.3 - Eligible and ineligible enterprises

Current through Register Vol. 46, No. 28, July 10, 2024
(a) To be eligible for assistance from the
				loan fund, an enterprise must be organized on a for-profit basis, must be
				formally authorized to do business in the State, must operate out of a fixed
				business location and must not be operated on an avocational or part-time
				basis. In addition, to be eligible for assistance from the loan fund, an
				enterprise must have received certification.
(1) With respect to program assistance other
				than a government contractor loan, government-sponsored residential
				construction loan and loan guarantees for either of these two types of loans,
				certification must be obtained through the New York State Minority- and
				Women-Owned Business Enterprise Certification Program; provided, however, that
				this requirement shall be deemed to have been met if the enterprise has had its
				application for certification rejected by the certifying agency through its
				duly authorized representative on the ground that such enterprise is a start-up
				business and is ineligible for certification until such time as it can document
				business activity and operational control as a minority-owned business
				enterprise or as a women-owned business enterprise as evidenced by the written
				determination of the Director of the Governor's Office of Minority and Women's
				Business Development. Denial of certification on any other ground will make an
				applicant ineligible for program assistance. The corporation shall refer to a
				determination that certification is rejected on the ground that a start-up
				business enterprise cannot document business activity and operational control
				as a minority-owned business enterprise or women-owned business enterprise in
				any materials submitted to the president and chief executive officer and/or
				directors of the corporation in connection with any request for approval of the
				proposed assistance as a "postponement of certification determination." In any
				such instance where financial assistance is approved and certification is
				rejected on the ground that the start-up enterprise cannot document business
				activity and operational control as an minority-owned business enterprise or
				women-owned business enterprise, the corporation will require a completed
				application for certification to be submitted to the Governor's Office of
				Minority and Women's Business Development within one year from the date on
				which the corporation makes its first disbursement of funds in connection with
				the project. The failure to so submit an application for certification, the
				rejection of such application, or denial of certification and the failure of
				the enterprise to appeal successfully the denial decision in the manner
				authorized pursuant to the New York State Minority- and Women-Owned Business
				Certification Guidelines, shall constitute a default by the enterprise. Such
				default shall release the corporation from all obligations with respect to its
				assistance under the program and all amounts disbursed or otherwise paid out or
				deposited by the corporation in connection with any financial assistance under
				the program shall become immediately due and payable to the
				corporation.
(2) With respect to
				program assistance in the form of a government contractor loan,
				government-sponsored residential construction loan and loan guarantees for
				either of these two types of loan, certification may be obtained through any
				authorized certification program administered by a public entity within the
				State, provided that at the time of application for program assistance the
				business enterprise has applied for certification through the New York State
				Minority- and Women-Owned Business Enterprise Certification Program. In
				addition, a recipient of program assistance in the form of a government
				contractor loan, government-sponsored residential construction loan or loan
				guarantee for either of these two types of loans must diligently pursue
				certification through the New York State Minority- and Women-Owned Business
				Enterprise Certification Program, as set forth in paragraph (1) of this
				subdivision, and must ultimately receive such certification as set forth in
				paragraph (1) of this subdivision.