Some of the obstacles that restrict the growth and development of MWLBEs in New York City's construction industry are lack of access to capital, surety bonding, and lack of industry and technology training. BDD addresses these obstacles through a number of technical assistance programs and training courses.
- To obtain more information about these programs, contact the Business Development Division at (718) 472-8053.
Small Business Loan Program
The SCA has developed a unique loan program that provides access to capital for small emerging contractors, which participate in the Mentor Program.
- For more details on the loan program, please contact the Business Development Division at (718) 472-5018.
Surety Bond Program
A surety bond (the party who assures the obligee that the principal can perform the task) protects the obligee (the party who is the recipient of the obligation) against losses resulting from the principal's (the primary party who will be performing the contractual obligation) failure to meet the obligation.
A Surety Bonding Program is available to firms graduating from the Mentor Program. In order to perform work within the Graduate Mentor Program, participating firms must have bonding of at least $1 million.
- For more details on the Surety Bond Program, please contact the Business Development Division at (718) 472-5018.