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.
Related Stories
Codes and Standards | Mar 12, 2020
Design guide for sloped glazing and skylights updated for first time in 30 years
Helps with choosing proper glass for non-residential applications.
Codes and Standards | Mar 11, 2020
Two tree species native to the Northeast found suitable for CLT
Eastern white pine and eastern hemlock pass strength testing.
Codes and Standards | Mar 10, 2020
Prescient receives ICC certification for seismic resilience system
Technology suitable for buildings up to 12 stories in earthquake-prone areas.
Codes and Standards | Mar 6, 2020
Design firms creating plans to re-imagine D.C.’s tidal basin
Area including National Mall is facing increased flood risk.
Codes and Standards | Mar 5, 2020
France to mandate all new public buildings be 50% timber or other natural materials
Measure would go into effect by 2022.
Codes and Standards | Mar 4, 2020
American Concrete Institute and Precast/Prestressed Concrete Institute expand partnership
Will collaborate on new code requirements.
Codes and Standards | Mar 3, 2020
Wallcoverings industry releases product scorecards concerning sustainability
Tool adds more transparency to certification.
Codes and Standards | Feb 28, 2020
Bay Area communities struggle with what to do about rising sea level
Policies include sea walls, levies, and relocation.
Codes and Standards | Feb 27, 2020
Cell phones present a safety hazard at job sites
Use of ear buds, headphones banned by some contractors.
Codes and Standards | Feb 26, 2020
American Concrete Institute releases 2020 codes, specifications, and practices
ACI Collection features guidance on structural concrete construction and rehabilitation.