New York state officials are expanding on its already successful initiatives to help minority- and women-owned businesses (M/WBEs) . The recently announced New York State Surety Bond Assistance Program helps M/WBEs to secure bonds and state contracts through a revolving loan fund.
The fund will provide lines of credit up to 30 percent of the contract amount to companies for each project. The program would provide $200 million in bonds over the next five years, officials said. Two surety bond companies, Travelers and ACE, have already agreed to participate in the new program. Over the next few years, the program is estimated to create 2,200 jobs and estimated to increase personal income by $137 million and overall economic output by $328 million.
New York has experienced significant growth in the amount of M/WBEs operating in the state in recent years, thanks in part to programs like this and Governor Andrew Cuomo’s recent Bonding Guarantee Assistance Program, which provided $10 million to help MWBEs secure credit. Cuomo also included an extra $1.6 million in additional funding for M/WBEs operating funds.
Additional information about the New York State Surety Bond Assistance Program and other programs available to M/WBEs in the state of New York is available at the Empire State Development website.
