Compete to Win aims at boosting M/WBE firms
Published on 05/16/2012
Unveiled in February, New York City's Compete to Win initiative consists of five new programs that will help M/WBEs compete in the city's procurement market by eliminating market barriers and improving competition.
"Helping firms team up, providing technical assistance, and helping construction firms find mentors, secure loans, and performance surety bonds, helps ensure the City provides opportunities to a diverse array of contractors, strengthening the city's economy and creating jobs for New Yorkers," said Rob Walsh, Commissioner of the NYC Department of Small Business Services.
Compete to Win includes the following set of programs to help M/WBEs compete and grow:
- NYC Construction Loan
The NYC Construction Loan pilot program, which launched in December, 2011, provides short-term working capital loans from the New York Business Development Corporation to M/WBE firms in the construction sector. The loans are designed to help fund upfront expenses of labor and equipment for M/WBEs.
- Technical Assistance
The Technical Assistance program provides free workshops and one-on-one assistance to prepare firms to compete for and perform on City contracts. Workshops provide an in-depth understanding of specific industry requirements and standards for the submission of City bids and proposals.
- Bonding Readiness
Bonding Readiness helps small businesses, including M/WBEs, secure surety bonds for NYC construction projects. Services include: workshops on accounting and financial management, insurance requirements, safety management, credit repair, and more. One-on-one financing assistance is also available. The program will begin in April, 2012.
