Denver Mayor Michael Hancock signed a legislation to improve opportunities for minority and women-owned businesses, specifically contractors. The bill goes into effect on April 1, 2014 which essentially raises the goals for percentage of contracts going to minority and women-owned business. From mentor-protégé programs, payroll managing assistance, outreach events, and mandating that general contractors reach out to minority and women-owned business for subcontracting opportunities.
Learning about the Denver program is only the first step. Every contractor, including minority and women-owned business, needs to be set up for bid, performance, and payment bonds. At Surety 1 we have many programs available to assist small business. Some of the programs available include:
- Credit Program – Get set up to $400,000 in bonding with a limited amount of information primarily based on credit.
- Standard Program – This is how you would maximize bonding and rate. Requires providing a questionnaire, business and personal financials, tax returns, bank statements, etc.
- Non Standard Program – If a contractor has credit issues, poor financial presentation, limited cash, etc. there are still bond tools available. Some include utilizing the SBA program, funds administration, collateral, phasing of contracts, subordinating debt, among others which can all help get a contractor in the game.
Depending on the situation, bonding can take some time to get established. Don’t wait, call us today for a consultation at 877-654-2327.
Ryan Tash, VIce President Contract Surety