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NY S09515
Bill
Status
7/29/2022
Primary Sponsor
James Sanders
Click for details
AI Summary
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Adds a new program requiring the New York Business Development Corporation to cooperate with the Empire State Development Corporation to assist small businesses in highly distressed areas and minority business enterprises through the capital access program.
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Authorizes the corporation to act as third-party agent, process and fund qualifying loans, maintain loan portfolios, and conduct outreach and marketing to financial institutions under the capital access program.
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Requires contracts with third-party agents to include underwriting standards that incorporate alternative creditworthiness indicators for minority business enterprises and small businesses in highly distressed areas.
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Mandates development of an integrated web portal enabling online loan applications and approvals for minority and distressed-area small businesses, with dedicated marketing funding directed to potential loan recipients and financial institutions.
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Takes effect 120 days after becoming law.
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 RULES
7/29/2022