New York Laws
Sub Title 5-A - Subtitle V-a Loans to Lenders Program
1835 - Statement of Legislative Findings.

§ 1835. Statement of legislative findings. The legislature hereby
finds that agriculture is one of the largest industries in the state.
The legislature has continuously acknowledged the importance of farming
by establishing a variety of programs to promote a strong agricultural
economy. Of particular importance to farmers and the rural economy is
the health of businesses that serve farmers. Such businesses provide
processing and storage facilities for agricultural commodities,
equipment and material for use in farming and other products and
services for farmers.

The legislature further declares that these businesses are confronted
by the need to adapt to rapidly changing economic circumstances and
market demands for the goods and services they produce. Their ability to
adapt to and meet the challenges of emerging economic conditions and
market opportunities is often impaired by high interest rates, an
uncertain economic climate and their inability to attract investment
capital upon reasonable terms. This problem is particularly acute in
rural communities which neither possess nor are able to attract
sufficient capital resources to meet their needs.

Significant strides in assisting and promoting certain business
sectors have been made in this state. In this effort, the legislature
has provided tax exempt financing to reduce interest rates for a wide
variety of economic development programs as well as housing production
programs. The legislature hereby finds that such financing of rural
agricultural businesses would encourage rural economic activity, provide
employment opportunities and enhance the quality of rural life. It is
therefore the purpose of this subtitle to authorize the job development
authority to issue bonds and notes to the investment community in order
to make loans to lenders which will, in turn, provide financing to
businesses that serve farmers and which would otherwise face
difficulties in obtaining capital at a reasonable cost for establishing
or expanding their enterprises and businesses.

The legislature further declares that it is the policy of the state,
in authorizing the New York job development authority to create a loans
to lenders program, to promote the economic well-being of rural
communities, expand opportunities for minority and women owned
businesses and enterprises and enlarge the employment opportunities
available to residents of the state.

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