2023 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.