The purpose of these regulations is to set forth and codify the application process, eligibility criteria and procedure for the corporation, through a cooperative agreement with the New York State Department of Transportation, to administer the Small, Minority and Women-owned Business Enterprises Transportation Capital Assistance and Guaranteed Loan Program, authorized and to be funded from the appropriation made by the appropriating legislation. The purpose of the program is to provide financial assistance to small, minority and women-owned business enterprises engaged in government sponsored, transportation related construction projects. The corporation will also seek to establish affirmative action goals for participation in program projects by minorities and women pursuant to the Urban Development Corporation Act.