DASNY Grows MWBE Capacity with Surety Bond Training
Innovative Statewide Education Program Paves Way for New Job Opportunities
Albany, NY – Gerrard P. Bushell, President and CEO of DASNY, announced today DASNY is offering a surety bond training program for Minority- and/or Women-Owned Business Enterprise (MWBE) firms to help them expand their capacities and grow into prime contractors.
The training program provides 23 classes where MWBE firms are partnered with surety bond providers, including Travelers. Firms study best business practices that will help them access larger surety bond capacity, and larger roles in construction projects.
There are two types of surety bonds required on most DASNY construction projects: performance bonds and payment bonds. Performance bonds protect project owners (like DASNY) against risks associated with the contractor’s performance. Should a contractor fail to meet its obligations under the contract, the surety company is obligated to make sure the work is completed. Payment bonds, on the other hand, ensure that subcontractors and suppliers are paid what they are owed by the contractor in accordance with their contract.
“DASNY is deeply committed to building MWBE capacity,” Bushell said. “Through education, DASNY is supporting these firms on their journeys to success as we build inclusive communities and make New York State a more attractive place for businesses and families to prosper.”
The DASNY Surety Bond Training Program teaches MWBE firms how to operate their businesses more efficiently and maximize their ability to complete projects on time and on budget. This program will help MWBEs grow their reach and increase their bonding capacity to work on larger projects and expand their ability to access procurement opportunities.
Applications can be submitted via an online link set up on DASNY.org. The Cayemitte Group was selected through a competitive RFP process to administer the program. Classes will be held at DASNY’s corporate office at One Penn Plaza in New York City and will be streamed live to participants across New York State. Additionally, each firm enrolled in the program will be eligible for 10 hours of one-on-one management consulting sessions with The Cayemitte Group to develop individualized growth plans and apply the coursework to their own businesses.
“A key component to the growth of an emerging contractor is his/her ability to secure appropriate bonding to execute a contract,” said David Cayemitte, President and CEO of The Cayemitte Group. “All too often, the lack of access to bonding inhibits a contractor from moving to the next level of growth and opportunity.”
Outreach sessions are being held in DASNY’s headquarters at 515 Broadway in Albany on Wednesday, February 1 from 6 p.m. to 7:30 p.m. and DASNY’s New York City office at One Penn Plaza, 52nd Floor on Tuesday, February 7 from 6 p.m. to 7:30 p.m. To register, please contact Dina Gonzales at 609-521-4207 or [email protected]
Founded in 1944, DASNY – the Dormitory Authority of the State of New York – is New York State’s capital project development authority. It finances and constructs sustainable and resilient science, health and education institutions that help New York thrive. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond portfolio of approximately $48.7 billion as of December 31, 2016. DASNY is also a major public builder with a construction pipeline of nearly 1,000 projects valued at more than $5.8 billion as of December 31, 2016.