New York City Economic Development Corporation, BOC Capital Corp. and Columbia University Announce Workshop Series to Assist M/W/DBE Contractors
Kick-Start Loans Program Will Help Contractors Secure Financing to Mobilize and Perform Projects
New York City Economic Development Corporation (NYCEDC), BOC Capital Corporation (BCC) and Columbia University today announced a new workshop series for Minority, Women, and Disadvantaged Business Enterprises (M/W/DBE). The workshop series, Kick-Start Loans: Money Matters - Financing Your Business Better, seeks to improve the loan readiness of construction contractors in order to enable them to access crucial financing to mobilize and perform on government and institutional contracts. This workshop series will take place in November 2013 and combines five classes with intensive individual business counseling. Contractors will learn to build credit, evaluate projects from a cash flow perspective, access much-needed financing, and understand key construction documents.
"The skills that contractors will develop in this workshop through classes and intensive individual counseling will be critical to their better understanding of financing options available in the construction industry," said NYCEDC President Kyle Kimball. "We are committed to helping these contractors grow and thrive, and this workshop is a valuable tool to help M/W/DBE contractors succeed in New York City."
"Promising minority and women entrepreneurs need access to financing to participate in government contracts that will accelerate growth, create jobs in low income communities and build local economies," said Nancy Carin, Executive Director of BCC. "While there is strong government support for small businesses to become certified as M/W/DBEs and gain access to contracts, lack of access to financing for upfront costs represents a major barrier to participation. To grow their businesses, small contractors that BOC Capital has funded in the past often need additional hands-on technical assistance to complete loan applications, address credit issues and build financial management capacity necessary to support ongoing sustainability. This workshop series is one way in which BOC Capital is delivering that technical assistance, with the collaboration and support of NYCEDC."
"Columbia University has a long-standing commitment to support the minority- and women-owned contractor community and is excited to take this next step to help these firms become more financially prepared for the work they are awarded with the University and government agencies," said Joe Ienuso, Executive Vice President of Columbia University Facilities.
The Kick-Start series is a partnership built upon NYCEDC's commitment to the inclusion of M/W/DBE firms in City construction projects, combined with BCC's deep lending experience and technical expertise, and Columbia's long running mentorship of M/W/DBE firms.
The Kick-Start workshop joins the Blueprint to Success program as another way in which in-depth technical assistance is provided to M/W/DBE construction firms. Blueprint to Success is designed as a training program geared to meet each of the businesses' specific needs and meet overarching goals—such as improving the financial and technical management of their firms. Selected construction firms receive in-depth business assessment and one-on-one technical assistance to support capacity building, a tailored business curriculum to assist in meeting specific development goals, and opportunities to expand professional networks and establish relationships with NYCEDC's prime contractors and construction management firms. To learn more about the program go to www.nycedc.com/blueprint.
Blueprint to Success and Kick-Start are part of a suite of initiatives announced by NYCEDC to support and increase opportunities for New York City-based M/W/DBEs. The initiatives emerged from NYCEDC's ongoing review, in consultation with numerous stakeholders including M/W/DBEs, construction organizations, local elected officials, and community leaders, of how to best assist M/W/DBEs in the City.
For more information about the Kick-Start series and for an application, please visit our website.
About NYCEDC
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities.
About BOC Capital Corp.
BOC Capital Corp. (BCC) is a not-for-profit Community Development Financial Institution (CDFI) located in Brooklyn, New York, dedicated to providing financing to community businesses. BCC has a special focus on lending to minority, women, immigrant and low-income entrepreneurs as well as businesses located in low-income neighborhoods. As of June 2013, BCC has disbursed over $7.8 million in 573 loans. Find us on Facebook or visit our website to learn more about BCC projects and initiatives.
About Columbia University
Among the world's leading research universities, Columbia University in the City of New York continually seeks to advance the frontiers of scholarship and foster a campus community deeply engaged in understanding and confronting the complex issues of our time through teaching, research, patient care and public service. The University is comprised of 16 undergraduate, graduate and professional schools, and four affiliated colleges and seminaries in Northern Manhattan, as well as a wide array of research institutes and global centers located in major cities around the world. More than 40,000 accomplished students, award-winning faculty and professional staff define the University's underlying values and commitment to pursuing new knowledge and educating informed, engaged citizens. Founded in 1754 as King's College, Columbia is the fifth oldest institution of higher learning in the United States. www.columba.edu