The purpose of this Part is to set forth the qualification process to receive funding assistance under the Industrial Effectiveness Program. 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 operational improvements to remain competitive, profitable and viable, and by aiding local buy-outs of New York firms by employees, managers, or other residents of the State. The program further seeks to mobilize State and local resources to provide targeted technical and financial assistance to eligible firms. The Department of Economic Development, with the cooperation and assistance of the New York State Urban Development Corporation, administers and provides services under the program.