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March 25, 2013

MBDI to Help Create Bondable Contractors through DASNY’s Statewide Surety Bond and Capital Access Program

MBDI Aims to Increase the Number and Capacity of Minority and Women-owned Construction Firms Qualified for Bonding and Able to Compete for State Projects

BORDENTOWN, NJ – March 25, 2013– The Minority Business Development Institute (MBDI), a not-for-profit committed to helping socially and economically disadvantaged businesses prosper through surety bonding preparedness, announced today that the Dormitory Authority of the State of New York (DASNY) has renewed its contract with The Cayemitte Group (TCG) under which MBDI will administer the educational component of the Statewide Surety Bond and Capital Access Program. Through this innovative program, MBDI will continue to provide strategic consulting and technical training to Minority and Women-owned Business Enterprise (MWBE) construction businesses so they can optimize their surety bond capacity.

The DASNY Surety Bond and Capital Access Program is designed to help create MWBE Prime Contractors. The DASNY program works with participant firms to acquire the surety bonding and working capital needed to compete for work on state construction projects, in order to increase the number of MWBEs qualified to bid on state jobs.

“Over the last three years working with the MBDI team, the DASNY program has been able to position MWBE construction businesses to receive over $55 million in bonding,” said Michael Clay, Director Opportunity Programs Group at DASNY. “The state’s investment in this program enables local businesses to become bonded and translates into jobs, revenue and opportunities for the New York economy.”

Through the executive workforce development component, MBDI will provide the DASNY Surety Bond and Capital Access Program participants with the following:

  • Education for CEOs and management personnel to improve managerial, operational and financial functions with an emphasis on financial literacy and community development
  • Preparation for both participant’s first contracts requiring surety bonding, and for growing capacity to compete for larger contracts requiring larger bonds
  • Support during the preparation process for surety bond application
  • Development of road maps for the participant firm’s continued growth and success

“We are happy to be working with DASNY to create more and larger bondable contractors and look forward to continuing to offer this successful program to minority and women-owned businesses throughout New York State,” said David Cayemitte, President and Founder of MBDI. “The goal of creating jobs, wealth, and most importantly, sustainable systemic change is accelerated through our work with DASNY and others, and helps to shift the paradigm of economic inequality for the minority and women contractor community.”Through this campaign using education, one-on-one consulting, training and advocacy, MBDI will continue positioning disenfranchised minority, veteran and women-owned construction businesses nationally for sustainable economic growth.

About MBDI

MBDI is a not-for-profit organization that focuses on positioning socially and economically disadvantaged construction industry businesses for growth. They do this through strategic consulting, education and training in the areas of infrastructure development, operational efficiency and financial guidance. The Surety & Fidelity Association of America (SFAA) has named MBDI as an outreach arm for Surety Bonding Readiness Programs. Visit www.minoritybdi.org.

Contacts:

Ashley Guidone
SmartMark Communications, LLC for MBDI
ashley@smartmarkusa.com
215-504-4272

Lorraine Bender
MBDI
lbender@minoritybdi.org
609-456-0818, ext. 6