August 2012 - Empire State Development - New York State

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DRAFT – SUBJECT TO REVIEW AND REVISION The $25 million from ESD, Mr. Cohen continued, is matched with at least $25 million from those intermediary lenders to lend to the mainstream, everyday small businesses around the State thus increasing access to capital for small businesses. Mr. Cohen continued and explained the process involved in this funding in greater detail. Among other things, Mr. Cohen explained that included in the contract amount and ESD’s understanding with the lenders is the provision that ESD is able to redeploy funds from those lenders that are not deploying according to the projections to lenders that are doing exceptionally well under that program. That redevelopment of funds, he explained, is what the Directors are being asked to approve today. Specifically, Mr. Cohen asked the Directors to approve the reallocation of $2.8 million from five participating lenders and to redeploy those funds to four other participants who are all 100 percent deployed under the program. Mr. Cohen added that all have been contacted and understand the redeployment. Following the full presentation, the Chair called for questions and comments. Director Miller asked if an effort was made to redistribute the funds to the same regions that the unsuccessful grantees were in. She expressed concern that the reallocation that is going to New York City is coming from the Southern Tier, the Mid-Hudson Region and the Finger Lakes. 13
DRAFT – SUBJECT TO REVIEW AND REVISION Mr. Cohen noted that the local participating lenders in those areas have not been able to reach their milestones. In some cases, he continued, that is because there are other lenders that serve that region and act locally. He noted, for example, that the Mid-Hudson Region is served by the Business Outreach Center Network. Mr. Cohen added that ESD’s statewide lender is going to prioritize the Southern Tier and the Finger Lakes Region where there is some reallocation. Mr. Cohen added that it is not an entire redeployment of funds but rather a reduction in the amount of funds allocated to those local lenders. funds. Director Miller then asked if ESD knows why the grantees are having difficulty deploying Mr. Cohen stated that it is believed to be a blend of a perceived lack of demand where they have a presence and the institutional capacity of those lenders. Director Adams asked if it was correct that the funds that will not get their full allocation recognize that they cannot fully deploy the allocation and therefore are fully supportive of it being reallocated. Mr. Cohen said that that was correct and that it is recognized that this is a reasonable 14
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A. Water Lilies Food MAP Capital (X
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A. Water Lilies Food MAP Capital (X
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FOR CONSIDERATION August 16, 2012 T
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municipality or region of the State
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RESOLVED, that the President and Ch
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A. New York - Restore III - Bush Te
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4. There are no families or individ
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RESOLVED, that the President and Ch
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II. Project Cost and Financing Sour
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operations in the nine-county Regio
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V. Environmental Review ESD staff h
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Regional Internal Harvesting and Ec
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A. City of Yonkers - Saw Mill River
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City of Yonkers - Saw Mill River Da
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City of Yonkers - Saw Mill River Da
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VI. Additional Requirements Pursuan
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RESOLVED, that the provision of ESD
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Community Capital Assistance Progra
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Project Cost and Financing Sources
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This Project will facilitate BNYDC
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August 16, 2012 NEW YORK HARBOR - A
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CURRENT STATUS The 38-year old Proj
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August 16, 2012 BRONX COUNTY - RIVE
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V. Contract Term, Price and Funding
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FOR INFORMATION August 16, 2012 TO:
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Subsidiary Capital Budget Summary V
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Departmental Budget Variance Report
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August 2012 - Empire State Development - New York State

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