Small Business

Program Overview

The BCDC Bonding Assistance Program is a comprehensive offering of educational, networking and capacity building opportunities for local, small, minority, and women business enterprise firms in construction. Participants receive services to heighten their development in the Newark construction marketplace and to facilitate stable, long-term sustainable business relationships.

Through the Bonding Assistance Program, contractors have access to the following resources to mitigate the surety’s risk and enhance their ability to qualify for bonding or increase their bonding capacity, and improve their chances of securing working capital/mobilization financing:

Project Funds Control

Program participants have access to project funds control as a resource to enhance their ability to obtain surety bonds. This represents the cornerstone of providing contractors with the direct financial management assistance necessary to learn how to properly cash flow their projects and manage construction funds. BCDC will reimburse contractors for any fees incurred for this service.

U.S. Small Business Administration (SBA) Surety Bond Guarantee Programs

Program Participants have access to the U.S. Small Business Administration’s Surety Bond Guarantee Program (SBG), providing a 90% guarantee on bonds for contracts up to $2,000,000 for minority- and women-owned firms that have the technical skill, but lack experience or financial strength to obtain bonds. BCDC will reimburse contractors for any fees incurred for this service.

Collateral/Bond Guarantee Fund

Brick City Development Corporation will provide certain undercapitalized firms additional financial support. Letters of credit for up to $100,000 will be arranged as additional collateral support when required by the surety to qualified program participants.

Opportunities

BCDC will encourage and support Bonding Assistance Program participants as they seek construction opportunities by establishing partnerships with local agencies, construction management firms, general contractors, developers, trade unions, and other stakeholders. Prime contractor and subcontracting opportunities and joint venture / teaming relationships will be created through these partnerships.

Download the Bond Collateral Fund Application
Download the Contractor’s Fee Reimbursement Program Application
VIEW FAQS