§ 1837. Legislative findings. The legislature hereby finds that one of the major concerns of the existing economy is the limited access to financing assistance of businesses and services that support or facilitate employment and economic development, but are not themselves directly involved in manufacturing or industrial production. It is the purpose of this subtitle […]
§ 1837-a. Definitions. When used in this subtitle unless the context otherwise requires: 1. “Eligible project” means the acquisition, renovation, rehabilitation or development of property necessary to commence and complete operation of projects that are not primarily residential nor retail businesses or enterprises, other than manufacturing and industrial plants, that promote, facilitate or encourage employment […]
§ 1837-b. Loans to local development corporations. 1. No loan shall be made by the authority under the provisions of this subtitle with respect to an eligible project unless: (a) the local development corporation has obtained firm commitments satisfactory to the authority from responsible financial sources, which may include a federal agency or the project […]
§ 1837-c. Regulations by authority. The authority shall promulgate rules and regulations to effectuate the purposes of this subtitle which shall be subject to the approval of the director of the budget.
§ 1838. Bonding guarantee assistance program. 1. There is hereby created a state bonding guarantee assistance program to enable small businesses, and minority-owned and women-owned business enterprises, certified as a minority-owned or women-owned business enterprise pursuant to article fifteen-A of the executive law, to meet payment and/or performance bonding requirements by providing additional financial backing […]
