NY Pub Auth L § 1838 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 8 - New York Job Development Authority Subtitle I General Provisions Sub Title 7 - Subtitle Vii Special Project Development 1838 - Bonding Guarantee Assistance Program.

§  1838.  Bonding  guarantee  assistance  program.  1. There is hereby created a state bonding guarantee assistance  program  to  enable  small businesses,  and  minority-owned  and  women-owned business enterprises, certified  as  a  minority-owned  or  women-owned  business   enterprise pursuant  to  article  fifteen-A  of  the executive law, to meet payment and/or  performance  bonding  requirements   by   providing   additional financial  backing needed to induce a surety company to issue a bond for construction  projects,  including  but  not  limited   to,   government sponsored, transportation related construction projects. For purposes of this  section,  the  term  small business shall have the same meaning as defined in section one hundred thirty-one of  the  economic  development law.   Such   program   shall  give  preference  to  minority-owned  and women-owned business enterprises and shall:  (a) make available funds to surety companies providing bonds to  small businesses  and minority-owned or women-owned business enterprises in an amount equal to a percentage not to exceed fifty  percent  of  the  face value of bonds issued by the surety.  (b)  provide  technical  assistance in completing bonding applications for  small  businesses  and  minority-owned  or   women-owned   business enterprises  seeking  to  become eligible for bonding in preparation for bidding  on  construction  projects,  including  transportation  related projects. The authority shall refer such businesses to the department of economic development and the urban development corporation for technical assistance as such businesses may need, including but not limited to:  (i)  a  review  of  the  applicants'  market  and business competitive strategy;  (ii)  consultation  and  review  of  the   development   and   planned implementation of a working capital budget;  (iii)  assistance  with  applications  for the receipt of funding from other financial sources and providing  referrals  to  other  appropriate public and private sources of financing; and  (iv)  assistance  from  the  regional  offices  of  the  department of economic  development,  pursuant  to  article  eleven  of  the  economic development law, and the entrepreneurial assistance program, pursuant to article  nine  of  such  law, and any other such program receiving state funds  from  the  department  of  economic  development  or  the   urban development  corporation  or  any other state agency that is intended to provide technical assistance to small businesses and minority-owned  and women-owned small business enterprises.   2. Criteria and regulations. (a) The authority shall by rule establish criteria  for such program, such criteria to include detailed provisions for eligibility.  (b) The authority shall promulgate rules and regulations to effectuate the purposes of this section which shall be approved by the director  of the budget.