NJEDA & AACCNJ Tout Successes of Small Business Bonding Readiness Assistance Program Participants
91 Previous Program Participants Have Already Qualified for $33 Million in Surety Bonds
Trenton, N.J. (July 13, 2021) – The New Jersey Economic Development Authority (NJEDA) and the African American Chamber of Commerce of New Jersey (AACCNJ) today announced that 23 participants have fully completed the class work that kicked off earlier this year and are ready to graduate from the Small Business Bonding Readiness Assistance Program. This round of participants completed the program with ten small businesses qualifying for surety bonding, which totals more than $11.5M at this time. This will help these small business owners compete for city, county, and state contracts and expand their portfolios of projects, which in turn helps them grow their business.
The program was launched in 2018 by the NJEDA and the AACCNJ, to help prepare small, minority, and women-owned business owners to obtain bonds, a crucial step in competing for state and federal government contracts. The most recent class was held entirely virtually due to COVID-19. Including this latest class, 91 small-, minority-, and women-owned businesses have participated in the Small Business Bonding Readiness Assistance Program and 46 of them have qualified for over $33.0M in surety bonds. Furthermore, the recently approved State budget for Fiscal Year 2022 includes $500,000 for the Small Business Bonding Readiness Program, doubling what was allocated in prior years.
“Under Governor Murphy’s leadership, we have prioritized connecting small-, minority-, and women-owned businesses with the resources they need to succeed and the Small Business Bonding Readiness Assistance Program is a tremendous asset in achieving that goal,” said NJEDA Chief Executive Officer Tim Sullivan. “We applaud the perseverance and determination these business owners have shown throughout this Program, as they obtain the tools and knowledge necessary to help them remove the obstacles that once would have kept them from bidding on state and federal contracts.”
The Small Business Bonding Readiness Assistance Program provides a comprehensive series of classes, workshops, and strategic counseling sessions covering a variety of topics relevant to small businesses in all sectors, including bonding and insurance, business development, financial presentation, construction and contract law, construction management, estimating, and credit. At the end of the program, all participating businesses receive a Bonding Readiness Segment Report, which provides an in-depth assessment of their strengths and weaknesses to help them plan for the future. The Fall 2021 class is slated to begin in early September. Anyone interested in participating in this free program should submit an application, which can be found at https://www.aaccnj.com/bonding-program—sbbrap.html. A representative from the African American Chamber will follow-up with you to discuss the review process to be accepted into the program.
“Empowering businesses owned by blacks, women and people of color to vie for state and federal contracts is key to re-opening our post-COVID economy in an equitable and inclusive manner,” said John E. Harmon, Sr., IOM, AACCNJ, Founder, President and CEO. “We congratulate the most recent class of graduating students and we encourage other small business owners interested in furthering their growth to take advantage of these invaluable resources available through the Small Business Bonding Readiness Assistance Program.”
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
About the African American Chamber of Commerce of New Jersey
The AACCNJ performs an essential role in the economic viability of New Jersey. While providing a platform for New Jersey’s African American business leaders, to speak with a collective voice, the AACCNJ advocates and promotes economic diversity fostering a climate of business growth through major initiatives centering on education and public policy. The Chamber serves as a proactive advocacy group with a 501(c) 3 tax exemption, which is shared by the National Black Chamber of Commerce.
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