Surety Bond Associates was awarded a three-year consulting contract with the New Jersey Schools Construction Corporation to develop and operate their Bonding and Working Capital Assistance Program. The program ran from 2004 through the close of 2006 and was designed to eliminate the fundamental barriers S/M/WBE contractors face when accessing the financial resources necessary to compete in public sector construction.
The program enhanced the capacity of S/M/WBE firms by providing access to free technical assistance and training in the following disciplines:
>>Business and Financial Planning
>>Accounting and Job Costing
>>Credit Repair
>>Procurement, Certification and Pre-Qualification Assistance
>>Bonding and Loan Application Assistance
>>Access to Bonding through Several Surety Companies
>>Admission to the US Small Business Administration’s Surety Bond Guarantee Program
>>Access to Project Mobilization Financing
Fifty-seven contractors achieved bondable status through the program aggregating over $51 million in bonding. Bonds were provided on bids and contracts with a value in excess of $107 million. As a result of obtaining bonding and the ability to compete in the public sector, the combined capacity of these contractors increased by $30 million during the program cycle.
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"The goal of the Bonding Assistance
Program is to eliminate the fundamental barriers that small, women, and
minority-owned firms have historically encountered when accessing the bonding
and lending resources required to compete for public works construction
projects. Surety Bond Associates provides contractors with access to all the
tools and training necessary to develop and grow their business, and ultimately
compete on school construction projects." "Once we got involved in the program and
began working with Surety Bond Associates, we found that the bonding limits -
both single and aggregate - seemed to better fit our company than the options
we had been offered before. Getting to know Surety Bond Associates, and our
work on NJSCC projects as a sub, has helped us build relationships and pick up
some additional projects." |
