N.Y. Comp. Codes R. & Regs. tit. 21 § 4213.4

Current through Register Vol. 46, No. 43, October 23, 2024

Section 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.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4213.4