§ 16-c. Minority- and women-owned business development and lending\nprogram.\n (1) Minority- and women-owned business development and lending\nprogram. (a) There is hereby created a minority- and women-owned\nbusiness development and lending program for the purpose of providing\nfinancial and technical assistance to minority and women-entrepreneurs.\n (b) For the purposes of this section the following words or terms\nshall mean as follows:\n (i) "minority-owned business enterprise" or "minority-owned business"\nshall mean the same as "minority business enterprise" as defined in\nsubdivision three of section two hundred ten of the economic development\nlaw.\n (ii) "women-owned business enterprise" or "women-owned business" shall\nmean the same as "women-owned business enterprise" as defined in\nsubdivision five of section two hundred ten of the economic development\nlaw.\n (iii) "incubator" shall mean a facility providing low-cost space,\ntechnical assistance and support services, including, but not limited\nto, central services shared by tenants of the facility, to minority- and\nwomen-owned business enterprises.\n (c) Assistance shall not be provided under this section for:\n (i) the purchase or rehabilitation of real property for speculative\npurposes;\n (ii) payment of any tax or employee benefit arrearage;\n (iii) residential construction, renovation or development\nconstruction, except for assistance to minority and women contractors\nunder subdivision four of this section;\n (iv) educational institutions and proprietary education firms, except\nlicensed child care facilities;\n (v) hospitals or residential health care facilities;\n (vi) overnight lodging facilities;\n (vii) refinancing of commercial or business related debt or equity\ninvested in a commercial or business related enterprise or commercial or\nbusiness related project, unless the corporation finds the terms of the\noriginal debt to be unreasonable as provided in subparagraph (ix) of\nparagraph (d) of this subdivision.\n (d) The corporation is authorized to:\n (i) establish programs in conjunction with locally, and community\nbased entities to decentralize lending for small loans and loans to\nstart up minority- and women-owned businesses;\n (ii) establish a comprehensive program for minority and women\ncontractors, which may include assistance through loans, bonding\nassistance and technical assistance;\n (iii) establish a program to provide loans to established minority-\nand women-owned businesses and for minority- and women-owned businesses,\nincluding loans to such businesses seeking to acquire or expand a\nfranchise;\n (iv) provide loan guarantees to financial institutions and make linked\ndeposits into federally and state chartered credit unions for the\npurpose of encouraging private financial institutions to make loans to\nminority- and women-owned businesses;\n (v) establish a program to create incubators to assist small and high\nrisk minority- and women-owned businesses to grow and prosper;\n (vi) promote equity investment in minority- and women-owned\nbusinesses;\n (vii) establish a comprehensive technical assistance program in\ncooperation with the department of economic development to assist\nminority- and women-owned businesses and potential minority and\nwomen-entrepreneurs;\n (viii) notwithstanding any provision of law to the contrary, establish\na minority- and women-owned business investment fund to provide critical\nfinancial support to foster the development of new and emerging ideas\nand products of minority- and women-owned business enterprises as well\nas to promote the long-term financial performance and success of early\nstage enterprises that are minority- and women-owned start-ups. The\nselection of an eligible applicant and beneficiary companies for the\nminority- and women-owned business investment fund shall be selected by\nthe process established pursuant to subdivisions two through four of\nsection six
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