Bill Text: NY S02296 | 2019-2020 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Allows businesses to use funds received from the minority- and women-owned business development and lending program for the purpose of refinancing existing debt.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Engrossed - Dead) 2020-03-04 - referred to economic development [S02296 Detail]
Download: New_York-2019-S02296-Introduced.html
Bill Title: Allows businesses to use funds received from the minority- and women-owned business development and lending program for the purpose of refinancing existing debt.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Engrossed - Dead) 2020-03-04 - referred to economic development [S02296 Detail]
Download: New_York-2019-S02296-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2296 2019-2020 Regular Sessions IN SENATE January 23, 2019 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the urban development corporation act, in relation to allowing businesses to use funds received from the minority and women-owned business development and lending program for the purpose of refinancing existing debt The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraphs (vi) and (vii) of paragraph (c) of subdivi- 2 sion 1 of section 16-c of section 1 of chapter 174 of the laws of 1968, 3 constituting the urban development corporation act, as amended by 4 section 1 of part AA of chapter 55 of the laws of 2014, are amended to 5 read as follows: 6 (vi) overnight lodging facilities[;7(vii) refinancing of debt or equity invested in an enterprise or8project]. 9 § 2. Subparagraphs (vii) and (viii) of paragraph (d) of subdivision 1 10 of section 16-c of section 1 of chapter 174 of the laws of 1968, consti- 11 tuting the urban development corporation act, subparagraph (vii) as 12 amended and subparagraph (viii) as added by section 1 of part AA of 13 chapter 55 of the laws of 2014, are amended and a new subparagraph (ix) 14 is added to read as follows: 15 (vii) establish a comprehensive technical assistance program in coop- 16 eration with the department of economic development to assist minority- 17 and women-owned businesses and potential minority and women-entrepren- 18 eurs; [and] 19 (viii) notwithstanding any provision of law to the contrary, establish 20 a minority- and women-owned business investment fund to provide critical 21 financial support to foster the development of new and emerging ideas 22 and products of minority- and women-owned business enterprises as well EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00792-01-9S. 2296 2 1 as to promote the long-term financial performance and success of early 2 stage enterprises that are minority- and women-owned start-ups. The 3 selection of an eligible applicant and beneficiary companies for the 4 minority- and women-owned business investment fund shall be selected by 5 the process established pursuant to subdivisions two through four of 6 section sixteen-u of this act. Minority- or women-owned business enter- 7 prises who participate in such minority- and women-owned business 8 investment fund under this subdivision shall not be precluded from qual- 9 ifying for any other assistance, grant or loan made available from the 10 state[.]; and 11 (ix) provide for the refinancing of debt or equity invested in an 12 enterprise or project. 13 § 3. This act shall take effect on the ninetieth day after it shall 14 have become a law. Effective immediately, the addition, amendment and/or 15 repeal of any rule or regulation necessary for the implementation of 16 this act on its effective date are authorized and directed to be made 17 and completed on or before such effective date.