The purpose of these regulations is to set forth the application process, determine eligibility and codify administration by the New York State Urban Development Corporation of the Job Retention Working Capital Loan Fund authorized by chapter 53, section 8-b, chapter 54, section 1, and chapter 57, section 368 of the Laws of 1993. The purpose of the program is to provide financial assistance in the form of working capital loans or loan guarantees to companies at imminent risk of reducing employment and grants for the benefit of communities whose employment is impacted by a planned military base closing and/or downsizing and downsizing by a county's major employer.