EDA Board Approves New Funding for Small Business Bond Readiness Assistance Program

The Board of Directors of the New Jersey Economic Development Agency on Wednesday approved two contracts with the New Jersey African American Chamber of Commerce and two with New Jersey’s statewide Hispanic Chamber of Commerce, citing small business consolidation. Managed a readiness assistance program.

The program (which ROI-NJ has written in detail here) provides training and secure bonding to SMEs through a series of workshops and strategic consulting sessions designed to increase SME bonding knowledge and competencies. provide education for

Since the program was first launched in 2018 facilitated by an agreement with AACNJ, 105 business owners have graduated from the program. Fifty of them are eligible for government contracts totaling $40 million.

The new phase of funding, approved Wednesday, will provide both AACNJ and SHCCNJ with up to $250,000 to conduct a series of courses designed to enhance business practices in the following areas: accounting and finance. Presentation, Operational Efficiency, Marketing, Warranty Competence, Construction and Contract Law, Certification and Financing. The overall goal of the program is to enable small businesses to qualify for warranty guarantees, thereby increasing their competitiveness for public works projects or winning contracts offered by state or federal governments. It is to fulfill.

Through the Small Business Bonding Readiness Assistance Program, both AACCNJ and SHCCNJ graduate at least 60 small businesses from the program each year. The budget increase doubles the program’s funding, and EDA will contract with additional entities to enable more small businesses in New Jersey to access these free resources, services, and coordinated assistance. I made it

EDA CEO Tim Sullivan says the program has had a big impact.

“We have made it a priority to connect businesses with the resources they need to sustain, grow and thrive,” he said. “The Small Business Bond Readiness Assistance Program will ensure that all businesses, especially minority- and women-owned businesses, have access to the tools they need to remove barriers to entry when bidding for government contracts. It’s a testament to the efforts of New Jersey.”

AACCNJ director John Harmon was happy too.

“We are pleased to continue our partnership with NJEDA and the (Phil) Murphy administration in their joint commitment to leverage the ideals and resources provided through AACCNJ to strengthen underperforming sectors of the New Jersey economy,” he said. said. “As small businesses continue to drive the state’s post-COVID economic recovery, it’s more important than ever to provide resources and information to Black-owned, women-owned, and minority-owned businesses.” Through our Small Business Bond Readiness Assistance Program, we are enabling all small businesses to compete in a fairer and more inclusive manner in state and federal contracting processes.”

Hispanic Chamber President Carlos Medina agreed.

“Allowing small businesses to participate in the Guarantee Guarantee process is an essential step in removing barriers to entry for minority- and women-owned businesses that want to obtain state and federal contracts,” he said. “The Small Business Bonding Readiness Program is a tremendous asset for small business owners looking to succeed in today’s ever-changing economy.”

AACCNJ and SHCCNJ, earlier this year, in response to a request for proposal from qualified non-profit business advocacy membership associations with a track record of contracting with other governmental or public agencies to administer warranty warranty support services. Selected based on submitted proposals.

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