NYC Creates Fund to Help Minority, Women-owned Construction Companies Compete

The Bond Collateral Assistance Fund will grant up to $500,000 in surety bonds for each city contract awarded to minority and women-owned businesses

June 22, 2017

Crain's New York Business

New York City has created a $10 million Bond Collateral Assistance Fund to help minority and women-owned businesses compete for city construction contracts. The Fund will grant up to $500,000 in surety bonds for each city contract awarded to minority and women-owned businesses.

The Fund could help NYC meet its target of awarding $16 billion in city contracts to women- and minority-owned businesses by 2025.

“With this loan program, we’re leveling the competitive playing field so that all New Yorkers, regardless of race, gender or ethnicity, have a fair shot at economic opportunity,” said Jonnel Doris, director of the Mayor’s Office of minority and women owned enterprises.

(more on NYC's fund to help minority and women-owned construction companies...)

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