New York Gov. Andrew Cuomo has launched a statewide surety-bond assistance program in a bid to boost state contracting among small businesses and businesses owned by minorities and women.
The program, which Cuomo kicked off yesterday, is called the New York State Surety Bond Assistance Program. A surety bond guarantees an obligation or contract.
The new program provides letters of credit for up to 30 percent of base contract amounts, depending on the project. The governor’s office expects it to spark $200 million in new bonding over five years.
(Sponsored)
10 Reasons Your Business Needs Cyber Insurance
1. Cyber crime is the fastest growing crime in the world, but most attacks are not covered by standard property or crime insurance policies. New crimes are emerging every day.
House of Representatives Passes $78 Billion Tax Package
On January 31, the House of Representatives overwhelmingly passed the Tax Relief for American Families and Workers Act of 2024, a tax package worth $78 billion. The bill was approved
New York is starting the program because securing credit is a challenge for many small businesses and businesses that are owned by minorities and women, according to a news release from the governor’s office. That can prevent businesses from winning state contracts.
“These steps will level the playing field and open up doors for greater economic opportunity and job growth in communities that need it most,” Cuomo said in the release.
Additional details about the program can be accessed online at http://esd.ny.gov/BusinessPrograms/BondingAssistance.html.
Contact Seltzer at rseltzer@cnybj.com
