New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4253 - Bonding Guarantee Assistance Program
Section 4253.3 - Program overview

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4253.3

Current through Register Vol. 46, No. 12, March 20, 2024

(a) The amount of additional program assistance provided to a surety company with respect to each contract shall generally not be greater than the amount necessary to induce such surety company to issue the bonds required for the contract, and in no event shall exceed 50 percent of the face value of bonds to be issued by the surety company for such contract.

(b) The corporation may provide to small businesses, certified minority-owned business enterprises and certified women-owned business enterprises seeking surety bonding in preparation for bidding on construction projects, including transportation related projects, technical assistance in completing bonding applications. The corporation may refer such businesses to various business service providers or the Department of Economic Development for technical assistance as such businesses may need, including, but not limited to:

(1) a review of the applicant's market and business competitive strategy;

(2) consultation and review of the development and planned implementation of a working capital budget;

(3) 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

(4) assistance from the regional offices of the Department of Economic Development, pursuant to article 11 of the Economic Development Law, and the Entrepreneurial Assistance Program, pursuant to article 9 of such law, and any other such program receiving State funds from the New York State Urban Development Corporation Act or the Department of Economic Development or any other State agency that is intended to provide technical assistance to small businesses, certified minority-owned business enterprises and certified women-owned business enterprises.

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