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NY A04116
Bill
Status
1/29/2015
Primary Sponsor
William Scarborough
Click for details
AI Summary
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Amends the New York state urban development corporation act to create new provisions for small business revolving loan funds appropriated on or after April 1, 2016.
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Authorizes funds to provide short-term financing to minority- and women-owned business enterprises and small businesses performing state procurement contracts for construction or professional services.
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Limits program loan amounts to no more than 80 percent of the principal loan amount and caps individual loans at $500,000.
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Restricts loan use to underwriting costs of labor, materials, and equipment directly associated with the financed contract.
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Takes effect immediately upon enactment.
Legislative Description
Provides that small business revolving loan funds may be used to provide short-term financing to minority- and women-owned business enterprises and small businesses performing contracts to provide construction or professional services for state procurement purposes; provides such loans shall be used to underwrite the cost of labor, materials, and equipment directly associated with the contract being financed.
Last Action
enacting clause stricken
5/7/2015