(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.