reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4251 - Capital Access Program › Section 4251.3 - Participating financial institutions

Current through Register Vol. 46, No. 28, July 10, 2024
To the extent feasible, the corporation shall assure adequate
				  geographic distribution of participating financial institutions throughout the
				  State. A financial institution that becomes a participating financial
				  institution shall execute an agreement in such form as the corporation or the
				  agent may prescribe, which agreement shall contain, among other things, the
				  terms and provisions set forth in section
				  4251.4 of this Part and such other
				  terms and provisions as the corporation or the agent may deem necessary or
				  appropriate.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4251 - Capital Access Program › Section 4251.4 - Program operations

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				participating financial institution shall:
(1) provide to the corporation or the agent,
				as the case may be, a plan for the marketing of the program to eligible small
				businesses, including small businesses in highly distressed areas and
				minority-owned business enterprises and women-owned businesses enterprises,
				with appropriate lending objectives identified by the participating financial
				institution for such areas and businesses;
(2) make program loans to eligible small
				businesses only for the purposes of expansion, facility or technology
				upgrading, start-up or working capital purposes;
(3) not make any program loan in a principal
				amount greater than $500,000;
(4)
				with respect to each program loan, deliver for deposit in the loan loss reserve
				fund an amount, specified or agreed to in writing by the corporation or its
				third party agent, from both the participating financial institution and the
				eligible small business borrower, in aggregate neither less than three percent
				nor more than seven percent of the principal amount of the program loan,
				whereby the amount contributed by the eligible small business is not greater
				than 50 percent of such aggregate; and
(5) with respect to each program loan,
				certify to the corporation or the third party agent in such a fashion and with
				such supporting information as the corporation or the third party agent shall
				prescribe, that the participating financial institution has made such loan and
				delivered the aggregate loan loss reserve fund contribution with respect to
				such loan.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4251 - Capital Access Program › Section 4251.5 - Program administration

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation may administer the program through the third party agent, which may
				be the New York Business Development Corporation, established under section
				210 of the Banking
				Law, provided, however, that if the third party agent is to be a financial
				institution other than the New York Business Development Corporation, then such
				third party agent will be selected pursuant to a competitive process.
(b) Any contract entered into pursuant to
				this section, shall have a term of two years and shall be renewed for an
				additional two year period subject to requirements of subdivision (c) of this
				section and provide for compensation for expenses incurred by the third party
				agent in connection with its services as agent and for such other services as
				the corporation may deem appropriate including, but not limited to the use of
				the premises, personnel and personal property of the third party
				agent.
(c) The corporation shall
				conduct an annual review and assessment of the performance of the third party
				agent in its capacity as agent for the corporation to determine whether the
				contract with the third party agent should be renewed for an additional two
				year period. The review shall be based on whether the third party agent has
				satisfactorily met the terms and conditions of the contract, and such other
				factors as the corporation shall deem appropriate.
(d) Where an initial determination finds that
				the third party agent's performance is unsatisfactory, the corporation will
				allow the third party agent a limited opportunity to take corrective action,
				generally, during a period of not longer than 60 days.
(e) Where a final review of the third party
				agent's performance concludes that the third party agent's performance
				continues to be unsatisfactory, the corporation shall submit to the speaker of
				the Assembly and the temporary president of the Senate the corporation's
				recommendation to terminate the contract with the third party agent, and
				thereafter, may terminate the contract and take over administration of the
				program pursuant to section 16-k of the act or procure another third party
				agent.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4251 - Capital Access Program › Section 4251.6 - Loan loss reserve account

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All
				amounts in a loan loss reserve fund shall be deposited:
(1) if the participating financial
				institution is a regulated depository financial institution, in a depository
				account at said participating financial institution; or
(2) if the participating financial
				institution is not a regulated depository financial institution, in a
				depository account at a regulated depository financial institution satisfactory
				to the corporation. Earnings of interest from the principal of said loan loss
				reserve fund account shall be:
(i) maintained
				in the said account and held as additional loan loss reserves for program
				loans; and
(ii) available to the
				corporation or the agent at any time and from time to time, to be used to
				defray the costs of administering the program incurred by the corporation or
				its agent or to replenish the loan loss reserve account of the corporation or
				its agent.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4251 - Capital Access Program › Section 4251.7 - Application and approval process

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation shall identify, review, and approve eligible
				  participating financial institutions through an open recruitment and enrollment
				  process throughout the life of the program. Participating financial
				  institutions participating in the program will possess sufficient commercial
				  lending experience, financial and managerial capabilities, and operational
				  skills to meet the program objectives. The corporation may require from
				  applicants such information or documentation as it deems necessary and
				  appropriate, including one or more of the following documents.
(a) For banks (including CDFI banks):
(1) Uniform banking performance report (UBPR)
				showing that commercial loans and leases comprise a significant part of the
				institution's assets.
(2) A UBPR
				peer group analysis showing that the institution's percentage of non-current
				loans and leases does not exceed its peer group average.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4251 - Capital Access Program › Section 4251.8 - Claims and recoveries

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation or its agent will process claims made against
				  a loan loss reserve fund by a participating financial institution as set forth
				  in the agreement between the participating financial institution and the
				  corporation. The process for collections and the process for treating
				  recoveries will be detailed in the agreement between the participating
				  financial institution and the corporation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4251 - Capital Access Program › Section 4251.9 - Auditing, compliance and reporting

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The corporation or its agent shall
				require quarterly and annual reporting from participating financial
				institutions. Each report shall be in such form and provide such information as
				the corporation or the agent may, from time to time, prescribe, and may
				include, without limiting the foregoing, the following information:
(1) use and balance of loan loss reserve
				fund;
(2) information regarding all
				program loans covered by the loan loss reserve fund;
(3) the outstanding amount of each program
				loan covered by the loan loss reserve fund;
(4) the amount of interest income generated
				on the loan loss reserve account fund;
(5) the dollar amount, number of claims and
				recoveries with respect to the loan loss reserve fund;
(6) types and uses of each credit product
				enrolled in the loan loss reserve fund;
(7) pricing of each loan enrolled in the loan
				loss reserve fund;
(8) a unique
				program loan identifier number, the census tract and zip code of each program
				loan borrower's principal location in the State;
(9) for each program loan, the total amount
				of principal loaned and authorized as a line of credit, and of that amount, the
				portion that is from non-private sources;
(10) date of the initial program loan
				disbursement;
(11) the insurance
				premiums paid by each program loan borrower and the participating
				lender;
(12) each program loan
				borrower's annual revenues in the last fiscal year;
(13) each program loan borrower's full time
				equivalent (FTE) employees at the beginning and end of the period covered by
				the report;
(14) the six-digit
				North American industry classification system (NAICS) code for each program
				loan borrower's industry;
(15) the
				year each program loan borrower's business was incorporated;
(16) the number of jobs created or retained
				as a result of each program loan;
(17) with respect to each program loan, the
				amount of additional private financing occurring after closing of such loan, if
				applicable; and
(18) any other
				information that the corporation may require.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4251 - Capital Access Program › Section 4251.10 - Confidentiality

Current through Register Vol. 46, No. 28, July 10, 2024
(a) To the extent
				permitted by law, all information regarding the financial condition, marketing
				plans, manufacturing processes, production costs, customer lists, or other
				trade secrets and proprietary information of a person or entity requesting
				assistance from the program administered through participating financial
				institutions, shall be confidential and exempt from public
				disclosures.
(b) To the extent
				permitted by law, no full time employee of the State of New York or any agency,
				department, authority or public benefit corporation thereof shall be eligible
				to receive assistance under this program.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4251 - Capital Access Program › Section 4251.11 - Non-discrimination and affirmative action

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation's affirmative action and non-discrimination
				  policies and programs are grounded in both public policy and applicable law,
				  including but not limited to, section
				  2879 of
				  the Public Authorities Law, article 15-A of the Executive Law and section
				  6254(11) of the Unconsolidated Laws. These laws mandate the corporation to take
				  affirmative action in implementing programs. The corporation has charged the
				  affirmative action department with overall responsibility to ensure that the
				  spirit of these mandates is incorporated into the corporation's policies and
				  projects. Where applicable, the affirmative action department will work with
				  applicants in developing an appropriate affirmative action program for business
				  and employment opportunities generated by the corporation's participation of
				  the program.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4252 - Innovateny Fund › Section 4252.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of these regulations is to facilitate
				  administration of the Innovate NY Fund (the "fund" or the "program") authorized
				  pursuant to section 16-u of the New York State Urban Development Corporation
				  Act (the "act").
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4252 - Innovateny Fund › Section 4252.3 - Investment objectives

Current through Register Vol. 46, No. 28, July 10, 2024
The fund objective is to invest in seed stage businesses
				  through investment entities that are selected by and are under contract to the
				  corporation. Investment priority shall be given to seed stage businesses
				  involved in commercialization of research and development or high technology
				  manufacturing.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4252 - Innovateny Fund › Section 4252.4 - Selection of investment entities

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation shall identify and select investment entities
				  through one or more competitive statewide, regional or local solicitations.
				  Investment entity applicants shall be evaluated on criteria including, but not
				  limited to, the applicant's:
(a)
				record of success in raising investment funds and successfully investing
				them;
(b) capacity to perform due
				diligence and to provide management expertise and other value-added services to
				beneficiary companies;
(c)
				financial resources for identifying and investing in seed-stage and early-
				stage companies;
(d) ability to
				secure non-State matching investment funds at a ratio that is equal to or
				greater than one-to-one;
(e)
				ability to evaluate the commercial potential of emerging
				technologies;
(f) ability to secure
				partnerships with local or regional investors;
(g) conflict of interest policy acceptable to
				the corporation;
(h) investment
				record and capacity to invest in the State;
(i) management fees, promotes, share of
				return and other fees and charges; and
(j) other criteria that the corporation
				determines is relevant to making investment decisions consistent with the
				purposes of the fund.
Applicants must specify particular industry sector, regional
				  or other investment strategies. The corporation shall determine the amount of
				  the program funds to commit to an investment entity. After an investment entity
				  is under contract to the corporation, the corporation may award additional
				  program funds to an investment entity without an additional
				  solicitation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4252 - Innovateny Fund › Section 4252.5 - General requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation and each investment entity receiving program funds shall enter into
				one or more written agreements governing the corporation's investment, which
				may include a limited partnership agreement, that are consistent and in
				compliance with the act, including section 16-u thereof, this rule, and other
				applicable laws and regulations.
(b) The corporation shall distribute program
				funds promptly pursuant to a disbursement process agreed to between the
				corporation and the investment entity in order to enable the investment entity
				to fulfill its commitments to beneficiary companies in a timely
				manner.
(c) The commitment period
				for and investment entity to make investments with the program funds shall
				typically be three years or less.
(d) Returns on investments or interest
				accrued with respect to program funds received by an investment entity through
				the fund shall be returned to the corporation in accordance with the agreements
				entered into between the investment entities and the corporation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4252 - Innovateny Fund › Section 4252.6 - Eligible investments in beneficiary companies

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In order to be eligible for an initial
				investment, a beneficiary company must be a seed-stage business. Prior to the
				investment of program funds in a beneficiary company, the beneficiary company
				must agree, pursuant to a written agreement satisfactory to the corporation,
				that the beneficiary company will be located and remain located within the
				State for a period satisfactory to the corporation, and that in the event that
				the beneficiary company breaches such obligation, the corporation shall have
				all remedies at law and such other remedies as the corporation may set forth in
				the agreement with the beneficiary company, which may include recovery, or
				recapture, in full or in part, of the program funds investment.
(b) Investment entities shall not invest
				program funds in a beneficiary company in an amount greater than $500,000 or
				$750,000 in the case of a biotechnology-related beneficiary company, at any one
				time, unless the beneficiary company and the investment entity can demonstrate
				to the satisfaction of the corporation that exceeding the applicable investment
				limit significantly increases the potential of the investment to result in
				substantially greater growth, job development, and additional economic activity
				in New York State and the corporation consents to such greater investment in
				writing. Investments in beneficiary companies may take the form of equity or
				hybrid investments. Program funds may be used for follow-on investments in
				portfolio companies, subject to the investment amount limits and exceptions set
				forth above. In the case of two or more innovate NY investment entities
				investing in the same beneficiary company in the same investment round,
				applicable investment limits may be increased pending review and approval by
				the corporation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4252 - Innovateny Fund › Section 4252.7 - Fund accounts

Current through Register Vol. 46, No. 28, July 10, 2024
Each participating investment entity shall deposit program
				  funds and program related investment proceeds (including, without limiting the
				  foregoing, returns and interest) into a bank account in a State or federally
				  chartered banking institution, satisfactory to the corporation, or as otherwise
				  agreed in writing between the corporation and the investment
				  entity.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4252 - Innovateny Fund › Section 4252.8 - Matching investment funds requirements

Current through Register Vol. 46, No. 28, July 10, 2024
At such time as an investment entity has invested 50 percent
				  of the program funds committed to such investment entity and annually
				  thereafter, the aggregate investments of program funds by the investment entity
				  in beneficiary companies shall be leveraged with matching investment funds from
				  private sources of capital, excluding investments after the initial funding
				  round, at a ratio equal to or greater than two to one. Investments made in
				  funding rounds prior to the date of the initial investment of program funds
				  shall not be counted toward satisfying this matching investment funds
				  requirement. Funding provided by the State of New York, including, but not
				  limited to, small business technology investment fund proceeds, does not
				  satisfy this matching investment funds requirement. In the case of two or more
				  innovate NY investment entities investing in the same beneficiary company in
				  the same investment round, matching funds from all private sources shall be
				  applied as determined by the investment entities but no amount shall be applied
				  as matching funds more than once.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4252 - Innovateny Fund › Section 4252.9 - Fees and capital gains

Current through Register Vol. 46, No. 28, July 10, 2024
The investment entities may charge fees, pursuant to a
				  written schedule of fees, and receive carried interest on capital gains with
				  the prior written approval of the corporation. The amount of any fees and the
				  amount of the carried interest on capital gains will be detailed in the
				  agreements to be entered into between the investment entity and the
				  corporation. Returns to the corporation, such as capital gains and the return
				  of the investment, will be detailed in the agreements to be entered into
				  between the investment entity and the corporation.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4252 - Innovateny Fund › Section 4252.10 - Auditing, compliance and reporting

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The corporation shall evaluate the
				investment activities of each participating investment entity in conformance
				with the agreements to be entered into between the corporation and the
				investment entity, in accordance with the criteria set forth in section 16-u of
				the act, and this rule and in accordance with other applicable law and
				regulations. Each investment entity will be required to provide quarterly and
				annual reports outlining the impact and effectiveness of the investments made,
				current status, leveraged funds, business revenue, numbers of jobs created, and
				other items as determined by corporation. These annual reports and additional
				reports as requested at the discretion of the corporation may be required to
				include:
(1) the number of investments
				made;
(2) the type of each
				investment;
(3) the location of
				each beneficiary company;
(4) the
				amount of program funds and private funds invested in each beneficiary
				company;
(5) the projected and
				actual number of jobs created or retained by each beneficiary company receiving
				program funds;
(6) the type of
				product or technology being developed or produced by each beneficiary company;
				and
(7) such other information as
				the corporation may require.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4252 - Innovateny Fund › Section 4252.11 - Confidentiality and State employees

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				To the extent permitted by law, all information regarding the financial
				condition, marketing plans, customer lists, or other trade secrets and
				proprietary information of a beneficiary company shall be confidential and
				exempt from public disclosures.
(b)
				To the extent permitted by law, no full-time employee of the State of New York
				or any agency, department, authority or public benefit corporation thereof
				shall be eligible to receive assistance under this program.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4252 - Innovateny Fund › Section 4252.12 - Non-discrimination and affirmative action

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation's affirmative action and non-discrimination
				  policies and programs are grounded in both public policy and applicable law,
				  including but not limited to, section
				  2879 of
				  the Public Authorities Law, article 15-A of the Executive Law and section
				  6254(11) of the Unconsolidated Laws. These laws mandate the corporation to take
				  affirmative action in implementing programs. The corporation has charged the
				  affirmative action department with overall responsibility to ensure that the
				  spirit of these mandates is incorporated into the corporation's policies and
				  projects. Where applicable, the affirmative action department will work with
				  applicants in developing an appropriate affirmative action program for business
				  and employment opportunities generated by the corporation's participation of
				  the program.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4253 - Bonding Guarantee Assistance Program › Section 4253.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The purpose of
				this rule and these regulations is to effectuate section 16- f of the New York
				State Urban Development Corporation Act, that authorizes the Bonding Guarantee
				Assistance Program, and to provide for the implementation and administration of
				the program by the New York State Urban Development Corporation which is
				authorized by the program:
(1) to provide to
				surety companies the additional financial backing needed in order to induce
				such companies to issue payment and performance bonds for contractors that are
				small businesses, as defined in this rule, and certified, pursuant to article
				15-A of the Executive Law, minority-owned business enterprises or women-owned
				business enterprises, in order for such contractors to meet payment and
				performance bonding requirements for construction projects, including but not
				limited to, government sponsored, transportation related construction projects;
				and
(2) to provide technical
				assistance in completing bonding applications for such contractors seeking
				surety bonding in preparation for bidding on construction projects, including
				transportation related projects.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4253 - Bonding Guarantee Assistance Program › Section 4253.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Agent shall
				mean a third party that has entered into an agreement with the corporation for
				the purpose of administering the program.
(b) Bid bond shall mean a written guaranty
				provided to a principal by a surety on behalf of a contractor who is submitting
				a bid, in order to ensure that upon acceptance of the bid by the principal, the
				contractor will proceed with the contract and will replace the bid bond with a
				performance bond.
(c) Program shall
				mean the Bonding Guarantee Assistance Program created pursuant to section 16-f
				of the New York State Urban Development Corporation Act.
(d) Certified shall mean certification of a
				business enterprise as a minority-owned business enterprise or a women-owned
				business enterprise pursuant to article 15-A of the Executive Law.
(e) Corporation shall mean the New York State
				Urban Development Corporation d/b/a Empire State Development, a corporate
				governmental agency of the State of New York, constituting a political
				subdivision and public benefit corporation created by chapter 174 of the Laws
				of 1968, as amended.
(f)
				Minority-owned business enterprise shall mean a business enterprise, including
				a sole proprietorship, partnership or corporation that is:
(1) at least 51 percent owned by one or more
				minority group members;
(2) an
				enterprise in which such minority ownership is real, substantial and
				continuing;
(3) an enterprise in
				which such minority ownership has and exercises the authority to control
				independently the day-to-day business decisions of the enterprise;
(4) an enterprise authorized to do business
				in this State and independently owned and operated;
(5) an enterprise owned by an individual or
				individuals, whose ownership, control and operation are relied upon for
				certification, with a personal net worth that does not exceed $3,500,000, as
				adjusted annually on the first of January for inflation according to the
				consumer price index of the previous year; and
(6) an enterprise that is a small business,
				unless the term minority-owned business enterprise is otherwise defined in
				section
				310 of the
				Executive Law, in which case the definition shall be as set forth for such term
				in such section.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4253 - Bonding Guarantee Assistance Program › Section 4253.3 - Program overview

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				amount of additional program assistance provided to a surety company with
				respect to each contract shall generally not be greater than the amount
				necessary to induce such surety company to issue the bonds required for the
				contract, and in no event shall exceed 50 percent of the face value of bonds to
				be issued by the surety company for such contract.
(b) The corporation may provide to small
				businesses, certified minority-owned business enterprises and certified
				women-owned business enterprises seeking surety bonding in preparation for
				bidding on construction projects, including transportation related projects,
				technical assistance in completing bonding applications. The corporation may
				refer such businesses to various business service providers or the Department
				of Economic Development for technical assistance as such businesses may need,
				including, but not limited to:
(1) a review
				of the applicant's market and business competitive strategy;
(2) consultation and review of the
				development and planned implementation of a working capital budget;
(3) assistance with applications for the
				receipt of funding from other financial sources and providing referrals to
				other appropriate public and private sources of financing; and
(4) assistance from the regional offices of
				the Department of Economic Development, pursuant to article 11 of the Economic
				Development Law, and the Entrepreneurial Assistance Program, pursuant to
				article 9 of such law, and any other such program receiving State funds from
				the New York State Urban Development Corporation Act or the Department of
				Economic Development or any other State agency that is intended to provide
				technical assistance to small businesses, certified minority-owned business
				enterprises and certified women-owned business enterprises.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4253 - Bonding Guarantee Assistance Program › Section 4253.4 - Eligible contractors

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				order to be eligible for consideration for program assistance, a contractor
				must be a small business, a certified minority-owned business enterprise or a
				certified women-owned businesses enterprise that is unable to obtain a bond
				from a surety company without program assistance.
(b) The corporation may provide each surety
				company that participates in the program with additional requirements or
				guidelines on contractor eligibility, such as minimum years in businesses,
				contract performance history, revenue limits or minimums, or other factors. The
				surety company may be required to verify information regarding program eligible
				contractors or to secure such assurances from prospective program eligible
				contractors as the corporation may deem necessary.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4253 - Bonding Guarantee Assistance Program › Section 4253.5 - Eligible surety companies

Current through Register Vol. 46, No. 28, July 10, 2024
In order to be eligible to participate in the program, a
				  surety company must, among other requirements to be determined by the
				  corporation:
(a) have a certificate of
				solvency (pursuant to section
				111 of the
				Insurance Law) from, and have its rates approved by, the New York State
				Department of Financial Services and/or appear in the most current edition of
				the U.S. Department of Treasury Circular 570 as eligible to issue bonds in
				connection with procurement contracts for the United States of
				America;
(b) have a satisfactory
				performance record regarding contractor default, termination of contracts,
				application of satisfactory underwriting standards and principles and practices
				for evaluating contractor credit and capacity and processing claims, including
				diligent and commercially reasonable recovery efforts; and
(c) be rated Bk or higher if rated by A.M
				Best's Key Rating Guide Property/Casualty.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4253 - Bonding Guarantee Assistance Program › Section 4253.6 - Financial backing program assistance

Current through Register Vol. 46, No. 28, July 10, 2024
Program assistance is limited to the financial backing
				  necessary to secure bid bonds, performance bonds, and payment bonds issued in
				  connection with contract bids or awards. Such program assistance shall be in
				  such form as the corporation may determine, and may include irrevocable standby
				  letters of credits issued to a surety company by a financial institution for
				  the account of the corporation in connection with the surety company providing
				  such bonds on behalf of a program eligible contractor with respect to a
				  contract. The amount of such program assistance provided to a surety company
				  with respect to each contract shall generally not be greater than the amount
				  necessary to induce such surety company to issue the bonds required for the
				  contract, and in no event shall exceed 50 percent of the face value of bonds to
				  be issued by the surety company for such contract. Generally, a surety company
				  may not receive program assistance for more than two contracts for the same
				  contractor at the same time.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4253 - Bonding Guarantee Assistance Program › Section 4253.7 - Program administration

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				order for a surety company to participate in the program, the surety company
				shall enter into a program participation agreement with the corporation in such
				form as the corporation or the agent may prescribe. Such agreements may include
				provisions for proof of contractor default; termination of contracts;
				underwriting standards and principles and practices used in evaluating credit
				and capacity; and requirements for the claims process, including requirements
				that the surety company conduct diligent and commercially reasonable recovery
				efforts.
(b) The corporation shall
				conduct the oversight and management of the program, and the corporation may
				engage an agent for administration and implementation of the program.
(c) The corporation may contract with one or
				more financial institutions in order that such financial institution will
				provide to surety companies, as additional financial backing program
				assistance, letters of credit or other guarantees for the account of the
				corporation.
(d) The corporation or
				the agent shall evaluate applications for program assistance and make
				determinations as to business creditworthiness and whether to provide the
				requested additional financial backing program assistance. Evaluations of
				eligible contractors may, among other things, include review of financial
				information, contract performance history, documents submitted to the surety
				company and other business information.
(e) The corporation may facilitate the
				provision of technical assistance to eligible small businesses and certified
				minority-owned business enterprises and certified women-owned business
				enterprises in accordance with applicable law and regulations.
(f) The corporation or the agent shall
				prepare annual reports for the program.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4253 - Bonding Guarantee Assistance Program › Section 4253.8 - Fees

Current through Register Vol. 46, No. 28, July 10, 2024
A participating surety company may charge application fees,
				  commitment fees, bonding premiums and other reasonable fees and expenses
				  pursuant to a schedule of fees and expenses adopted by the surety company and
				  approved in writing by the corporation. The corporation may require a
				  contractor participating in the program to pay the corporation for its
				  out-of-pocket costs in connection with the program assistance for the
				  contractor, including, without limiting the foregoing, the costs with respect
				  to letter of credit and other guarantees to be provided to a surety company in
				  connection with bonds for such contractor's contract.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4253 - Bonding Guarantee Assistance Program › Section 4253.9 - Confidentiality and state employees

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				To the extent permitted by law, all information regarding the financial
				condition, marketing plans, customer lists, or other trade secrets and
				proprietary information of a person or entity requesting assistance from the
				program administered through the participating surety company, shall be
				confidential and exempt from public disclosures.
(b) No full time employee of the State of New
				York or any agency, department, authority or public benefit corporation thereof
				shall be eligible to receive assistance under this program.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4253 - Bonding Guarantee Assistance Program › Section 4253.10 - Non-discrimination and affirmative action

Current through Register Vol. 46, No. 28, July 10, 2024
The corporation's affirmative action and non-discrimination
				  policies and programs are grounded in both public policy and applicable law,
				  including but not limited to, section
				  2879 of
				  the Public Authorities Law, article 15 of the Executive Law, article 15-A of
				  the Executive Law and section 6254(11) of the Unconsolidated Laws. These laws
				  mandate the corporation to take affirmative action in implementing programs.
				  The corporation has charged the affirmative action department with overall
				  responsibility to ensure that the spirit of these mandates is incorporated into
				  the corporation's policies and projects. Where applicable, the affirmative
				  action department will work with applicants in developing an appropriate
				  affirmative action program for business and employment opportunities generated
				  by the corporation's participation of the program.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4254 - NEW YORK STATE INNOVATION VENTURE CAPITAL FUND › Section 4254.1 - Purposes

Current through Register Vol. 46, No. 28, July 10, 2024
In order to address the legislatively identified needs of the
				  State of New York to attract private sector investment in new research,
				  translate research into marketable products, strengthen university/industry
				  connections, and prepare New York businesses to compete for private-sector
				  venture investment, part JJ of chapter 59 of the Laws of 2013 authorized the
				  New York State Urban Development Corporation to establish and administer the
				  New York State Innovation Venture Capital Fund in order to provide critical
				  seed and early-stage funding to incentivize new business formation and growth
				  in the State of New York and facilitate the transition from ideas and research
				  to marketable products.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4254 - NEW YORK STATE INNOVATION VENTURE CAPITAL FUND › Section 4254.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
The following terms shall have the meanings given
				  below:
(a)
Authorizing
				legislation
shall mean part JJ of chapter 59 of the Laws of 2013, as
				it may be amended.
(b)
Beneficiary company
shall mean a seed-stage business,
				early-stage business or venture-stage business that:
(1) is, or agrees in writing to be, located
				in State; and
(2) has the potential
				to generate additional economic activity in the State (a beneficiary company is
				also referred to as a "portfolio company" after it receives a fund
				investment).
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4254 - NEW YORK STATE INNOVATION VENTURE CAPITAL FUND › Section 4254.3 - General Requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation shall use the fund monies, in accordance with the authorizing
				legislation and other applicable law and regulations, for direct or indirect
				investments, including equity investments and hybrid investments, in
				beneficiary companies and for all costs and expenses arising from and related
				to such investments.
(b) The
				documentation for each fund investment will provide reasonable terms and
				conditions for recompense to be provided to the corporation by the beneficiary
				company if it leaves the State within a period of time to be established by the
				corporation for such investment, such recompense may include the full or
				partial repayment of the investment received by the beneficiary company or
				other consideration satisfactory to the corporation.
(c) Any moneys received by or returned to the
				corporation with respect to the fund investments may be used by the corporation
				pay for future fund investments, including new investments and follow-on
				investments, and the costs and expenses arising from and related to any and all
				fund investments. In the event of termination of participation in the fund by
				any investment entity, the corporation may, on a reasonable basis and with
				authorization of by the directors of the corporation, use all or part of the
				commitment made to such terminated investment entity to make direct or indirect
				fund investments or to redeploy to one or more of the other participating
				investment entities all or part of such commitment.
(d) The corporation shall adopt guidelines
				regarding conflicts of interest with respect to the investment of fund monies
				in beneficiary companies, including such investments made directly by the
				corporation, made with the advice or recommendation of an investment entity, or
				made through an investment entity.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4254 - NEW YORK STATE INNOVATION VENTURE CAPITAL FUND › Section 4254.4 - Evaluation of Potential Investments

Current through Register Vol. 46, No. 28, July 10, 2024
In evaluating potential fund investments, the corporation may
				  consider, among other items and without order of priority: promotion of job
				  development; leveraging and advancing the State's industrial and technical
				  strengths, including, but not limited to, advances in manufacturing, materials,
				  life science, medical devices and emerging technologies; commercialization of
				  technology, products, and services; development of the State's entrepreneurial
				  ecosystem; coordination with other State innovation programs, including, but
				  not limited to, the New York State Business Incubators and Innovation Hot Spot
				  Program, academic tech transfer offices, the Centers for Advanced Technology
				  and the Centers of Excellence; the potential for a positive return on the
				  investment; the quality of the management team, business plan, financial
				  history, financial projections; a beneficiary company's technology, products,
				  and services and the company's prior and potential performance as a technology
				  innovator and as a business; and an investment entity's prior performance,
				  expertise, area of investment, and similar information.
New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter L - New York State Urban Development Corporation › Part 4254 - NEW YORK STATE INNOVATION VENTURE CAPITAL FUND › Section 4254.5 - Investment Process

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				corporation will invest fund monies in beneficiary companies either directly
				or, through investment entities, indirectly. Generally, investments in
				seed-stage businesses will range from $25,000 to $750,000 and investments in
				early-stage businesses will range from $750,000 to $5,000,000. The corporation
				may also directly or, through an investment entity, indirectly make additional
				follow-on investments. Fund investments may include investments in seed-stage
				businesses and early-stage businesses made directly, through investment
				entities, along with co-investors, or utilizing one or more large investment
				fund partners to source similar investments, or larger investments in
				venture-stage businesses, that agree in writing to relocate to New York
				State.
(b) In order to identify
				potential beneficiary companies, the corporation may identify technologies and
				companies from the State's innovation network and support efforts of other
				governmental entities and programs in order to attract beneficiary companies
				from outside the State. The process for evaluating prospective beneficiary
				companies for funding will include identifying candidate beneficiary companies,
				conducting due diligence and evaluating the potential financial return,
				economic value, and considering the significance of the technology. The
				corporation may consider advisory recommendations from an advisory committee
				established in accordance with guidelines approved by the corporation's
				directors. Unless the corporation's directors create and empower a special
				committee to authorize fund investments, all fund investments must be
				authorized by the corporation's directors.
(c) The corporation may invest fund monies in
				the investment entities that will in turn invest in beneficiary companies. For
				such investments, the corporation shall perform due diligence with respect to
				the investment entity; provided, however, with respect to investments in
				beneficiary companies made by an investment entity, deal sourcing, investment
				due diligence, and portfolio management and reporting (other than the reports
				required to be made by the corporation pursuant to the authorizing legislation
				and other applicable law and regulations) may performed by investment
				entity.