§ 212. Purposes, powers and operation. 1. (a) The purposes of such\ncorporation shall be to assist, promote, encourage and, through the\ncooperative efforts of the institutions and corporations which shall,\nfrom time to time, become members thereof, develop and advance the\nbusiness prosperity and economic welfare of the state; to encourage and\nassist in the location of new business and industry in the state and to\nrehabilitate and retain existing business and industry; to stimulate and\nassist in the expansion of all kinds of business activity which will\ntend to promote the business development and maintain the economic\nstability of the state, provided maximum opportunities for employment,\nencourage thrift and improve the standard of living of the citizens of\nthe state; to cooperate and act in conjunction with other organizations,\npublic or private, the objects of which are the promotion and\nadvancement of industrial, commercial, agricultural and recreational\ndevelopments in the state; to furnish money and credit to approved and\ndeserving applicants, for the promotion, development and conduct of all\nkinds of business activity in the state, thereby establishing a source\nof credit not otherwise readily available; and to provide financial\nassistance in the form of loans to small businesses unable to obtain\nfinancing from other private sources, including, but not limited to,\nassistance to women and minority-owned business enterprises and small\nbusinesses located in economically distressed areas. For the purposes of\nthis article, "economically distressed areas" shall mean areas\ndetermined by the commissioner of the department of economic development\non the basis of criteria indicative of economic distress, including\npoverty rates, numbers of persons receiving public assistance,\nunemployment rates, rate of employment decline, population loss, rate of\nper capita income change, decline in economic activity and private\ninvestment, and such other indicators as the commissioner deems\nappropriate. Economically distressed areas may include cities,\nmunicipalities, block numbering areas, and census tracts.\n (b) The corporation shall undertake the following programs in\nfurtherance of the above objectives: (i) establish regional offices at\nlocations throughout New York, with sufficient staffing to advise,\ndevelop and package financial assistance for small and medium sized\nbusinesses; (ii) develop a comprehensive outreach program to increase\nthe visibility and awareness of the corporation's programs, including\nallocating budget and staff to establish and maintain an aggressive and\nextensive marketing program of the corporation's program of assistance\nto small and medium sized businesses, providing for specific outreach to\nminority and women-owned enterprises, and entering into cooperative\nrelationships with local chambers of commerce, local development\nagencies, local development corporations and other community based\nfinancial intermediaries as set forth in subdivision three of this\nsection; (iii) establish and operate, or affiliate with a small business\ninvestment company and a specialized small business investment company;\n(iv) establish a pilot export financing program, using personnel from\nthe private sector, to evaluate whether the corporation can play a\nsignificant role in the growth of the export industry in the state and\n(v) establish a program in cooperation with the empire state development\ncorporation that shall focus on small businesses located in highly\ndistressed areas and minority and women-owned business enterprises\n(MWBEs) as such designations are defined by the New York state urban\ndevelopment corporation act, through which the corporation shall be\nauthorized to: (A) act as third-party agent for the capital access\nprogram established by section sixteen-k of section one of chapter one\nhundred seventy-four of the laws of nineteen hundred sixty-eight,\nconstituting the urban
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