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NY S00354
Bill
Status
1/5/2011
Primary Sponsor
Joseph Robach
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AI Summary
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Establishes the New York State Bank Export Incentive Program under the job development authority to provide export finance funds to banking organizations for lending to eligible businesses at competitive interest rates.
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Defines eligible applicants as firms with fewer than 500 employees with principal places of business in New York State, and eligible projects as product or service sales to foreign customers financed for 1-5 years and insured by FCIA or the Export-Import Bank.
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Requires cooperating banking organizations to lend at least twice the amount of deposited funds to eligible applicants for loans between $25,000 and $500,000, with authority to remove funds and terminate agreements if conditions are not met.
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Directs the Department of Economic Development to promote the program through seminars, workshops, and advertising to make eligible applicants and participating banks aware of the export finance fund.
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Requires annual reporting to the Governor and legislature on loan volume, amounts, terms, products/services financed, export destinations, and participating banking organizations; takes effect 120 days after enactment.
Legislative Description
Authorizes the job development authority to create and administer the bank export incentive program for the investment and lending of monies which may be borrowed by certain eligible New York firms for business projects; directs the commissioner of the department of economic development to assist in the promotion of such program; defines terms.
Last Action
REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS
1/5/2011