New York City recently created a $10 million fund to assist women- and minority-owned businesses win construction contracts.
The money can pay up to $500,000 of surety bonds per contract. City contractors are required to post the bonds to guarantee they will satisfactorily perform work and pay their bills.
Smaller firms without a track record of completed projects, however, have a difficult time securing bonds from the private market. The fund will also help other contractors who are required to hire a certain percentage of these firms but can't find enough of them to meet their mandated quotas.
The city aims to issue $16 billion worth of contracts to minority- and women-owned businesses by 2025.
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| Aug 11, 2010
Best AEC Firms of 2011/12
Later this year, we will launch Best AEC Firms 2012. We’re looking for firms that create truly positive workplaces for their AEC professionals and support staff. Keep an eye on this page for entry information. +
