The purpose of this Part is to set forth the eligibility requirements, terms and procedures to receive specialized industrial effectiveness financing assistance under the program for local buy outs, and working capital loans for productivity improvements, and to implement corporate restructuring or turnaround plans. The program seeks to preserve and create permanent private sector jobs by encouraging New York manufacturing firms and industrial sectors to undertake productivity and other improvements to remain profitable and viable, and by assisting local buy outs of industrial firms by employees, managers and other residents of the State.