Fast Track to Surety Bond Program Provides Access to $20 Million in Procurement Opportunities for Bidding by MWBE and SDVOB Firms in NYS
The Dormitory Authority of the State of New York (DASNY) announced today it is working with the Cayemitte Group (TCG) to help NYS-certified Minority-Women-Business Enterprises (MWBE) and Service-Disabled, Veteran-Owned Businesses (SDVOB) compete for larger New York State contracts. DASNY will work with TCG to provide training and supports to help small and emerging MWBE and SDVOB firms obtain needed bonding and develop successful bids to become primary vendors for larger-scale state projects.
The Fast Track to Surety Bonding Training Program is a four-month initiative to better prepare companies to successfully bid to be primary vendors for projects $500,000 or greater and to obtain Surety Bonds, which can be a major challenge and obstacle for small and emerging firms.
The Fast Track to Surety Bond program will also help contractors access a DASNY program to allocate up to $20 million per year specifically for MWBE/SDVOB contractors.
“DASNY has a long history of ensuring that the partners working with the state reflect New York’s diversity,” said DASNY President & CEO Reuben R. McDaniel, III. “This program will help MWBE’s and SDVOB’s establish the strong financial footing needed to enable them to grow their businesses and take on larger projects to help New York rebuild.”
Program highlights include:
- Efficient turnaround and fast results of the program, which takes place over four months and includes intensive hands-on support.
- Internal support to maximize success. Participants will receive hands-on support from CPAs to assure that the best financial presentation is made when applying for bonding and to access capital. Classes on finance, labor and contract law will be supplemented with small group sessions on business operations including QuickBooks, marketing, insurance, and bonding.
- Live-streamed classes and interactive curriculum.
- Participants selected by application and interview only.
“A key component to the growth of an emerging contractor is his or her ability to secure appropriate bonding to execute a contract,” says David Cayemitte, President, 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.
Interested parties can now apply online. The deadline for applications is Sunday, May 9.
Founded in 1944, DASNY 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 $59 billion as of March 31, 2021. DASNY is also a prolific public builder with a construction pipeline of more than 1,000 projects valued at approximately $7.7 billion as of March 31, 2021. Learn more at DASNY.org.
About The Cayemitte Group
TCG offers a suite of innovative services that respond to the complicated needs of business owners and specializes in the minority contractor community, including: Insurance Services, Surety Bonding, Capital Management – access to capital, Diverse Business Consulting and Feasibility Studies. The company is a change agent and voice for the minority business community and its carefully designed suite of services provide proven solutions to systemic issues.