21 CRR-NY 4250.7NY-CRR

STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 21. MISCELLANEOUS
CHAPTER L. NEW YORK STATE URBAN DEVELOPMENT CORPORATION
PART 4250. SMALL BUSINESS REVOLVING LOAN FUND
21 CRR-NY 4250.7
21 CRR-NY 4250.7
4250.7 Business loan types and limits.
(a) There shall be two categories of business loans to eligible businesses:
(1) a microloan that shall have a principal amount that is less than $25,000; and
(2) a regular loan that shall have a principal amount not less than $25,000.
(b) The program funds amount used by the community based lending organization to fund a business loan shall not be more than 50 percent of the principal amount of such loan and shall not be greater than $125,000.
(c) No less than 10 percent of the aggregate program funds shall be allocated by the corporation for microloans.
21 CRR-NY 4250.7
Current through September 15, 2021
End of Document