N.Y. Comp. Codes R. & Regs. tit. 21 § 4235.4

Current through Register Vol. 46, No. 50, December 11, 2024

Section 4235.4 - Evaluation criteria

(a) The corporation shall evaluate applications for working capital loans or loan guarantees in accordance with the following criteria:

(1) the total number of jobs expected to be retained;

(2) the impact of the project on the community;

(3) the ratio of the number of jobs retained to the amount of assistance provided by the loan fund. In general, financing will not be approved for projects that anticipate a return of less than one job for every $20,000 of State financial assistance;

(4) the demonstrated need for such assistance, established by a showing of a short-term lack of liquidity of an existing solvent business;

(5) the existence of a company commitment to a business plan to turn around the financial condition of the business;

(6) the existence of an independent evaluation of the company, prepared by a certified public accountant or the equivalent retained by the corporation or undertaken by the corporation;

(7) evidence of participation in and support of the project by owners, managers, employees, suppliers, financial institutions and the community to the maximum extent possible;

(8) the existence of a completed company evaluation by the IEP or its equivalent, approved by the corporation, which outlines a plan to improve the competitive position of the company on an ongoing basis, or a commitment that such will be undertaken;

(9) the ability of the applicant to repay the State financial assistance;

(10) the credit-worthiness of the applicant;

(11) the existence of any actions or investigations of civil or criminal misconduct pending against an eligible business or business owner; and

(12) preference will be given to those applicants working in strategic industries.

(b) In determining whether to approve requests for grants hereunder, the corporation shall consider whether and the extent to which the following criteria are satisfied:

(1) the degree of impact the downsizing or closing will have on a particular community;

(2) evidence that the grant will assist the community in ameliorating the impact of the downsizing or closing;

(3) the number of employees or residents of the community who will be assisted;

(4) evidence of the planned or actual downsizing or closing; and

(5) the degree of community, local and State support for the grant.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4235.4