News Summary
Grand Rapids is implementing a two-year Micro Local Business Enterprise (MLBE) Bonding Pilot Program to enhance the bonding capacity of certified small construction businesses. Designed to help emerging enterprises bid on larger contracts, the program connects businesses with certified public accountants and bonding agencies, facilitating access to necessary bonds. Eight MLBE companies will be selected on a first-come, first-served basis, aiming to foster local economic growth and level the playing field for small businesses in the construction sector.
Grand Rapids has launched a two-year Micro Local Business Enterprise (MLBE) Bonding Pilot Program aimed at enhancing the bonding capacity of certified construction-based small businesses. This initiative is designed to empower smaller and emerging businesses by enabling them to bid on larger public and private contracts, thus supporting economic growth in the region.
The program is a response to the growing need for government assistance to smaller enterprises engaged in construction, especially given the number of ongoing construction projects in the city. By acting as an intermediary, the city will connect small businesses with certified public accountants and bonding agencies, facilitating their ability to secure necessary bonds.
To participate in the program, eight MLBE construction businesses will be selected on a first-come, first-served basis. To qualify, businesses must be certified as an MLBE with the Office of Equity and Engagement, have completed a prequalification process with the City’s Engineering Office, and be prequalified for projects valued under $250,000. Interested businesses need to submit a Bonding Pilot Application along with all required documentation to be considered.
In addition to offering bonding assistance, the program includes subsidized Certified Public Accountant services through partnerships with local accounting firms. This support ensures that financial statements are properly formatted for construction projects, improving the chances for small businesses to secure the necessary bonds from partner insurance agencies.
Financial backing for the MLBE Bonding Pilot Program is provided by various local organizations, including the Grand Rapids Community Foundation and Construction Allies in Action. This collaborative effort signifies a community-wide commitment to nurturing small businesses and enhancing their capacity to compete for more extensive projects.
The program stands out as the first of its kind within Grand Rapids, aiming to create a lasting impact on the eight certified MLBEs that participate. By establishing this initiative, the city is working to level the playing field for small construction businesses, granting them opportunities that were previously out of reach.
The application process is currently open, inviting interested businesses to learn more about this unique opportunity. Potential participants can find detailed information by visiting the city’s official website or by contacting the designated business developer for further assistance.
This pilot program not only aims to bolster the MLBE construction sector but also reflects a broader commitment to fostering local economic development and empowering small business owners in Grand Rapids. Through improved access to bonding resources and financial services, the city hopes to cultivate a more inclusive and equitable environment for local entrepreneurs.
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- Wood Radio: Grand Rapids Starts Pilot Program for Small Construction Firms
- Wood TV: Pilot Program to Help Small GR Construction Businesses
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- Detroit Free Press: Job Corps Centers Pause in Michigan
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- Wikipedia: Construction
- Google Search: Small Business Assistance
- Google Scholar: Project Bonding for Small Businesses
- Encyclopedia Britannica: Business Development
- Google News: Grand Rapids Construction Assistance
