New York City recently launched a $10 million Bond Collateral Assistance Fund for minority and women-owned business enterprises (M/WBEs) and other small businesses.
Traditionally, small businesses and M/WBEs have faced difficulties in obtaining bonds for city contracts. But, through the Fund, eligible companies can apply for surety bonds of up to $500,000 or 50 percent of a contract's value.
"Not only are we expanding the number of easily accessible capital programs to help minority and women-owned businesses, but we are also seeing record investments going towards these businesses," said Mayor Bill de Blasio. "We are, in turn, removing historical barriers to capital and creating new pathways to economic opportunity, while investing in local communities for a more prosperous New York City."
In order to apply for the Fund, businesses must be construction companies that are bidding on or plan to bid on a city-funded contract that requires bonding as a prime contractor or subcontractor.
To learn more about the Bond Collateral Assistance Fund, or to apply, visit https://www1.nyc.gov/nycbusiness/article/bond-collateral-assistance-form.
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