§ 228-c. Purposes, powers and operation. 1.
(a)The purposes of the\nNYSBIC shall be to serve the needs of the small business community in\nthe state of New York. The NYSBIC shall direct its efforts towards\nproviding small business with start-up, venture, operating or working\ncapital, particularly where general economic and historical conditions,\nsuch as recent employment displacement caused by international,\nnational, state, regional, and local economic developments, have\nprevented traditional capital sources from extending credit to such\nsmall businesses.\n (b) The purposes of the NYSSBIC shall be to provide financing to\nfacilitate small business ownership by minorities and persons who reside\nin highly distressed areas as defined in section two hundred\ntwenty-eight-b of this
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§ 228-c. Purposes, powers and operation. 1. (a) The purposes of the\nNYSBIC shall be to serve the needs of the small business community in\nthe state of New York. The NYSBIC shall direct its efforts towards\nproviding small business with start-up, venture, operating or working\ncapital, particularly where general economic and historical conditions,\nsuch as recent employment displacement caused by international,\nnational, state, regional, and local economic developments, have\nprevented traditional capital sources from extending credit to such\nsmall businesses.\n (b) The purposes of the NYSSBIC shall be to provide financing to\nfacilitate small business ownership by minorities and persons who reside\nin highly distressed areas as defined in section two hundred\ntwenty-eight-b of this article, neighborhood based alliance communities,\nand persons eligible for the earned income tax credit under an act to\namend the internal revenue code of 1954, Pub. L. 94-12, 89 Stat. 30\n(1975), as amended, and the regulations promulgated thereunder, whose\nparticipation in the free enterprise system is hampered by an inability\nto compete effectively for capital in the marketplace due to prevailing\nor past restrictive practices provided, however, in approving\napplications for assistance, priority shall be given to minorities\nresiding in neighborhood based alliance communities, designated empire\nzones or highly distressed areas. The NYSSBIC shall direct its efforts\ntoward providing these businesses with start-up, venture, operating or\nworking capital. The NYSSBIC will adopt an investment policy consistent\nwith the policy set forth in Section 301(d).\n (c) The NYSBIC and the NYSSBIC shall function as licensees and perform\nthe respective functions set forth in Title III and applicable\nregulations.\n 2. In furtherance of the purposes set forth in subdivision one of this\nsection, and in addition to the powers conferred on stock corporations\nby the business corporation law, the NYSBIC and the NYSSBIC shall,\nsubject to the restrictions and limitations contained in this article\nand without limiting any power otherwise conferred herein, have the\nfollowing powers:\n (a) To lend money and conduct other financing transactions at such\nrate or rates as may be available to banking organizations licensed\nunder this chapter; and\n (b) To enter such business and financing transactions and arrangements\nat such rates and under such terms and conditions as may be permitted to\nlicensees under Sections 301(c), 301(d) and applicable regulations.\n