5 CRR-NY 23.8NY-CRR
5 CRR-NY 23.8
5 CRR-NY 23.8
23.8 Terms for working capital loans to improve productivity and competitiveness.
(a) A project loan may not exceed $250,000 or 50 percent of the total project cost, whichever amount is less.
(b) The loan term shall not exceed three years.
(c) The UDC shall charge such interest rate as is necessary to make the project feasible.
(d) Preference shall be given to loans that are secured by fixed assets; however, security interests may be subordinate to the security interest on any other public or private financial assistance provided to the firm.
(e) The UDC may also defer payment of interest and/or principal on a loan based on a demonstration that deferral is necessary for the success of a working capital loan to improve productivity and competitiveness and that the firm will be able to handle the level of repayment when loan payments are resumed.
5 CRR-NY 23.8
Current through October 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.