Bill Text: NY S02296 | 2019-2020 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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

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                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 or
     8  project].
     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.
                                                                   LBD00792-01-9
        S. 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.