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 4230.13 - Evaluation criteria

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation shall evaluate applications for incubator
				  assistance and technical assistance in accordance with sections
				  4230.11(d)  and
				  4230.12(f) of
				  this Part, respectively. The corporation shall evaluate each application for
				  program assistance in the form of a government contractor loan, a government
				  contractor guaranty, a business development loan, a business development
				  guaranty, a franchise loan, franchise loan guaranty in accordance with the
				  following criteria:
(a) the location
				of the project. Priority consideration shall be given to the comparative degree
				of economic distress within the areas in which the project is
				located;
(b) the total number of
				jobs expected to be created or retained in the State as a result of the
				requested assistance and the ratio of the number of jobs to be created or
				retained to the amount of assistance provided under the program and to the
				total project cost. In general, financial assistance will not be approved for
				projects that anticipate a return of less than one job for every $20,000 of
				program financial assistance;
(c)
				the availability of other funding sources and evidence, if any, provided by the
				applicant of its previous attempts to obtain financing through other sources
				and of the results of the attempts. To the maximum extent possible, program
				assistance shall be provided in conjunction with private or other public
				funding sources;
(d) the financial
				feasibility of the project and the creditworthiness of the applicant;
(e) the percentage of the total project cost
				that the corporation is being asked to finance. Business development loans and
				franchise loans will generally not exceed 60 percent of the total funding for a
				project;
(f) the size of the
				applicant's equity contribution. In general, except in the case of government
				contractor loans and government contractor loan guarantees, the corporation
				expects an applicant's equity contribution to a project to be equal to at least
				10 percent of the total project cost;
(g) the ability of the applicant to carry out
				the project in a manner consistent with the program;
(h) the financial condition of the applicant,
				particularly its anticipated ability to meet the repayment schedule of any loan
				it receives under the program and its potential for growth;
(i) the anticipated impact of the project on
				the general employment and economic conditions of the community in which it
				will be located. Applications for speculative financial investments will
				generally not receive assistance from the corporation unless they propose to
				significantly improve the general employment and economic conditions of the
				community in which they will be located;
(j) the level of local public support for the
				project;
(k) the likelihood of
				accomplishing the project in a timely fashion; and
(l) the availability of program funds.
				Approval of applications shall be subject to the availability of funds
				allocated to the program and made according to the comparative quality of the
				applications received.