21 CRR-NY 4213.4NY-CRR
21 CRR-NY 4213.4
21 CRR-NY 4213.4
4213.4 Eligible and ineligible uses of loan funds.
(a) Assistance from the loan fund may be sought and used for:
(1) except as prohibited by subdivision (b) of this section, new construction, renovation or leasehold improvements;
(2) the acquisition of land or buildings;
(3) the acquisition of machinery and equipment;
(4) the acquisition of an ongoing business;
(5) the acquisition of a franchise of a nationally recognized corporation;
(6) working capital; and
(7) deposits in connection with linked deposit loans and loan guarantees.
(b) Assistance from the loan fund shall not be used for any of the following purposes:
(1) refinancing, retiring or liquidating existing debt;
(2) participation in the financing of nonpublic contracts for residential construction, renovation, or development construction, unless pursuant to a government-sponsored project;
(3) payment of any tax arrearages; and
(4) payment of employee benefit arrearages.
21 CRR-NY 4213.4
Current through September 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above 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 Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.