§ 16-HH — Small business and entrepreneurs grant program

New York § 16-HH

• Jurisdiction: New York
• Law UDA: Urban Development Corporation Act 174/68

Text

* § 16-hh. Small business and entrepreneurs grant program. 1. The\ncorporation shall establish and support, within available\nappropriations, the small business and entrepreneurs grant program, as a\ntwo-year pilot initiative of the corporation, to award grants of up to\ntwenty-five thousand dollars, but no less than five thousand dollars, to\nentrepreneurs and small business owners to cover start up costs of a new\nsmall business, or to support or expand an existing small business in\nNew York state. The corporation shall establish criteria for selection\nand designation of awardees which shall include, without limitation, the\nfollowing requirements:\n (a) any applicant for a grant under this program shall have\nsuccessfully completed a training program at an entrepreneurship\nassistance center established pursuant to section 211 of the economic\ndevelopment law;\n (b) an entrepreneur or small business owner shall not be eligible for\nmore than one award under this program for the same small business; and\n (c) the recipient of the grant shall agree to maintain the operations\nof the small business for which the grant was approved physically\nlocated in the state for at least two years after receipt of the grant,\nto the extent the business remains operational. Provided however that if\nwithin two years of receiving the grant, such business is found to have\nmoved its operations outside the state, the department may seek to\nrecapture the funds or a portion thereof.\n 2. The corporation may promulgate guidelines necessary to effectuate\nthe purposes of this section including, but not limited to, guidelines\nsetting forth procedures for submission and processing of grant\napplications.\n * NB Repealed July 2, 2025\n