| Bonding Advisory Services
The Minority Business Development Institute offers a full complement of bonding education programs and workshops to fit the needs of individual contractors, public institutions, government agencies and collaborating partners of every size and profile. The programs and workshops outlined below can be custom-tailored to satisfy specific needs and budgetary considerations
In addition, MBDI offers bonding assessment and bonding readiness services on a consultative basis. Let us help you assess your current status and help prepare you for bonding success
Contact MBDI for more detailed information regarding bonding assessment services, curriculum offerings and fee structure.
MBDI is currently running the following dynamic Bond Readiness programs, offering an outlined road map to bonding success and lucrative work opportunities. If one of these programs is conveniently located to your area, please use the dedicated links below for more information.
New York City
Small Business Services (NYC-SBS)
Compete to Win Program
Are you a construction firm looking to get new or increased bonding to work on New York City construction projects? The NYC-SBS Bond Readiness Program is now available to help more M/WBE-certified construction firms attain surety bonds and bond on City construction projects. Learn more at:
http://www.nyc.gov/html/sbs/nycbiz/html/growing/bond_readiness.shtml
New York
Surety Bond Education Program
DASNY – Dormitory Authority – State of New York
Propelled by three highly successful bonding education programs, The Dormitory Authority – State of New York has renewed its contract with The Cayemitte Group for a fourth Surety Bond Education Program to benefit emerging contractors throughout the state of New York. The MBDI team will partner to provide educational components and one-on-one advisory services. The New York State Governor’s office has endorsed these initiatives as important ones, and we welcome you to learn more about how you can join this next class for growth and opportunity. Contact MBDI
Illinois
County of Peoria
Contractor Development Initiative (CDI)
Build Capacity, Get Bonded!
Peoria County of Illinois has contracted with The Cayemitte Group as the prime contractor to pool resources and create a team of professionals who are committed to — and experienced in — advancing the development, growth and strengthening of profitable MWBE businesses that serve both the public and private sectors. The MBDI team will provide educational components and one-on-one advisory services. Participating in the Contractor Development Initiative, you will receive guidance and numerous free services, backed by: Peoria County, The Cayemitte Group, Minority Business Development Institute, and the Illinois Black Chamber of Commerce.
For more information about participation in the exciting collaborative effort of the Contractor Development Initiative, visit: www.cdipeoria.com
To start the bonding pre-qualification process, click: https://peoria.bondingportal.com
For general information about Bond Readiness Services in your specific area and how to get started, please Contact MBDI or call 609-456-0818.
Program Options at a Glance
I. Bonding University Program Series
The Bonding University Program Series offers two levels of intensive bonding education programs that grow MWBE prime contractors, build their business infrastructure and prepare them to become surety credit-worthy. A more detailed and extensive curriculum, which is customized based on the depth and breadth of subject matter into a 6-month or 9-month program, focuses on the participant firm’s sustainable, long-term growth. The selection process for these programs is rigorous and seeks to identify firms that can eventually meet the surety underwriting requirements.
II. Workshop Series
The Workshop Series is a shorter and less comprehensive program, with sessions available in duration from 3 hours to 8 weeks. This series is designed to give firms an understanding of how to qualify for surety credit and bonding. During these classes, the participating firms will gain an understanding of the underwriting process, the documents required for a bond submission and the complete bidding/bid bond process. There is no selection process for these classes. The 8-week series is based upon the Model Contractor Development Program (MCDP) developed by the Surety & Fidelity Association of America (SFAA).
Program Options – A Closer Look
I. MBDI’s Bonding University Program Series creates bondable contractors through a customized curriculum based on the client’s focus and budget. This series includes a rigorous screening process, tailored curriculum, one-on-one consulting with MBDI analysts, testing and metrics.
- The MBDI flagship 9-month program focuses on laying the groundwork for sustainable long-term growth. It is designed to reach both contractors who would not be bonded without intensive services, and bonded contractors who need extra attention to continue to grow sustainably and optimize their bond programs.
- A 6-month program option focuses on beginning to address financial and organizational issues that prevent firms from optimizing bonding and operating efficiently and profitably.
- Rigorous Selection Process seeks to identify CEOs who illustrate the ability and desire to prepare their firms to become “surety ready.”
- Customized Curriculum based on desired metrics and participants’ needs
- Staggered Classes – every other week – to allow each participant adequate time to implement classroom knowledge and obtain feedback
- QuickBooks Training – customized to learning level of participants – can be provided one-on-one, as a webinar series, or both
- Classroom Instruction taught by Subject Matter Experts
- Recorded Sessions allow Review and Mastery of material presented in class
- Participant Testing and Interactive Learning promote Subject Mastery
- Program contemplates Outlined Metrics and Evaluation Process
- Strategic One-on-one Consulting Services provided by MBDI Analysts
II. The Workshop Series provides a high-level view of many facets of bonding readiness and is designed to provide information to the contractors related to improving their company’s operations and thereby making it easier to be bonded or to increase their bond line.
- The options in the workshop series are designed to give firms an understanding of how to qualify for surety credit and bonding.
- Firms will gain an understanding of the underwriting process, the documents required for a bond submission and the complete bidding/bid bond process.
- There is no formal selection process for these classes; the client guides who will participate.
Prepping for Public Work Toolkit
“We have to get people out of the mentality that they’re just the head of a contracting firm. They’re CEOs. Whether running a construction company or professional service firm, a successful CEO manages to and applies the same principles: execution of a vision supported by operational and financial management”
– David Cayemitte, CEO of MBDI and The Cayemitte Group, Inc.
MBDI is an educational non-profit dedicated to removing barriers to success for diverse business owners. We have worked with small, minority, women and veteran owned construction contractors and developers around the country since 2010 to help them to become the CEO of their business. Many contractors do excellent work in the field, but when it comes to running their back office and setting up a strong financial presentation, they are lost! We have prepared this toolkit to help you begin to understand five areas that are key to the success of any contractor:
Business Planning
How do I get started with writing a business plan?
Many businesses don’t build a business plan because they think it needs to be perfect. A simple plan is better than no plan! In this section we provide you with guidance on how to plan for YOUR business so that YOU understand where you want your business to be going. The following links provide an overview of why and how to draft a business plan, an article on construction business planning and templates to get you started.
Strategic Planning
How am I going to get there?
A strategic plan helps you to weed through all of the work you do every day and get a better understanding of how you can best use your time. The following link provides a great template to get you started with strategic planning.
Marketing
How can I make my best business impression?
Putting your best foot forward as a business owner and creating a searchable profile of your business will build your business. In this section, we provide a step-by-step overview of how to build some key marketing assets for low or no cost.
The following links will help you to secure a domain name and create a simple website and professional email address:
This article will help you to select social media management tools:
Preparing to Bid
What do I need to consider before I bid a construction project?
Bidding a project commits you to working on the project if you have the winning bid. You want to be sure that you only bid projects that will make money and that you bid them properly. This section provides a step-by-step checklist of items that you should review to help you bid effectively.
Qualifying for
Surety Bonding
What do I need to do to qualify for bonding?
If you are bidding on public or large commercial projects as a prime or a subcontractor, you will eventually need to be bonded. Qualifying for bonding can take time, so it is best to start building your application as early as possible. This section provides an overview of what you will need to do to qualify for bonding.
For more information about how to apply for bonding, including sample forms: Contractor Questionnaire, Bid Bond and Final Bond Request Forms, Contract Surety Document Requirements, as well as samples of required documents and key definitions, please visit our website: Surety Forms Library
We commend you for taking this step toward growing your business – and more importantly – on becoming more than just a contractor or a business owner.
As you build your business infrastructure, you will earn the right to proudly call yourself a CEO!
