Loading chat...
NY A10695
Bill
Status
9/9/2022
Primary Sponsor
Patricia Fahy
Click for details
AI Summary
-
Establishes a new program administered by the New York Business Development Corporation in cooperation with the Empire State Development Corporation to serve minority business enterprises and small businesses in highly distressed areas through the capital access program.
-
Authorizes the corporation to act as a third-party agent to process, fund, approve, and service qualifying program loans and conduct outreach and marketing to financial institutions.
-
Requires contracts with third-party agents to use specialized underwriting standards that incorporate verifiable alternative indicators of creditworthiness for minority-owned and distressed-area businesses.
-
Mandates development of an integrated web portal enabling minority business enterprises and distressed-area small businesses to apply for and receive capital access loans online.
-
Takes effect 120 days after enactment; directs the Department of Financial Services, Empire State Development Corporation, and New York Business Development Corporation to jointly establish the underwriting standards.
Legislative Description
Relates to the capital access program; focuses on minority business enterprises and small businesses located in highly distressed areas to assist them in processing and being approved for qualifying program loans; requires the engagement in outreach and marketing to financial institutions to increase awareness of the program.
Last Action
referred to economic development
9/9/2022