228-C - Purposes, powers and operation.

§ 228-c.  Purposes,  powers  and operation. 1. (a) The purposes of the  NYSBIC shall be to serve the needs of the small  business  community  in  the  state  of  New  York.  The  NYSBIC shall direct its efforts towards  providing small business with start-up, venture,  operating  or  working  capital,  particularly where general economic and historical conditions,  such  as  recent  employment  displacement  caused   by   international,  national,   state,  regional,  and  local  economic  developments,  have  prevented traditional capital sources  from  extending  credit  to  such  small businesses.    (b)  The  purposes  of  the  NYSSBIC  shall be to provide financing to  facilitate small business ownership by minorities and persons who reside  in  highly  distressed  areas  as  defined  in   section   two   hundred  twenty-eight-b of this article, neighborhood based alliance communities,  and  persons  eligible  for the earned income tax credit under an act to  amend the internal revenue code of 1954, Pub.  L.  94-12,  89  Stat.  30  (1975),  as  amended,  and the regulations promulgated thereunder, whose  participation in the free enterprise system is hampered by an  inability  to  compete effectively for capital in the marketplace due to prevailing  or  past  restrictive  practices   provided,   however,   in   approving  applications  for  assistance,  priority  shall  be  given to minorities  residing in neighborhood based alliance communities,  designated  empire  zones  or  highly distressed areas. The NYSSBIC shall direct its efforts  toward providing these businesses with start-up, venture,  operating  or  working  capital. The NYSSBIC will adopt an investment policy consistent  with the policy set forth in Section 301(d).    (c) The NYSBIC and the NYSSBIC shall function as licensees and perform  the  respective  functions  set  forth  in  Title  III  and   applicable  regulations.    2. In furtherance of the purposes set forth in subdivision one of this  section,  and  in addition to the powers conferred on stock corporations  by the business corporation law,  the  NYSBIC  and  the  NYSSBIC  shall,  subject  to  the  restrictions and limitations contained in this article  and without limiting any power  otherwise  conferred  herein,  have  the  following powers:    (a)  To  lend  money  and conduct other financing transactions at such  rate or rates as may be  available  to  banking  organizations  licensed  under this chapter; and    (b) To enter such business and financing transactions and arrangements  at such rates and under such terms and conditions as may be permitted to  licensees under Sections 301(c), 301(d) and applicable regulations.