Section 16-hh - [Expires 7/1/2025] Small business and entrepreneurs grant program1. The corporation shall establish and support, within available appropriations, the small business and entrepreneurs grant program, as a two-year pilot initiative of the corporation, to award grants of up to twenty-five thousand dollars, but no less than five thousand dollars, to entrepreneurs and small business owners to cover start up costs of a new small business, or to support or expand an existing small business in New York state. The corporation shall establish criteria for selection and designation of awardees which shall include, without limitation, the following requirements:(a) any applicant for a grant under this program shall have successfully completed a training program at an entrepreneurship assistance center established pursuant to section 211 of the economic development law;(b) an entrepreneur or small business owner shall not be eligible for more than one award under this program for the same small business; and(c) the recipient of the grant shall agree to maintain the operations of the small business for which the grant was approved physically located in the state for at least two years after receipt of the grant, to the extent the business remains operational. Provided however that if within two years of receiving the grant, such business is found to have moved its operations outside the state, the department may seek to recapture the funds or a portion thereof.2. The corporation may promulgate guidelines necessary to effectuate the purposes of this section including, but not limited to, guidelines setting forth procedures for submission and processing of grant applications.N.Y. Urban Development Corporation Act Law § 16-hh
Added by New York Laws 2023, ch. 58,Sec. GGG-2, eff. 7/2/2023, exp. 7/1/2025.