GRAND RAPIDS, Mich. -- The City of Grand Rapids Office of Equity & Engagement has launched a pilot program to help small businesses.
It will enhance the bonding capacity of certified construction-based Micro Local Business Enterprises. That will enable small and emerging businesses to bid on larger public and private projects.
The two-year pilot program will connect those construction businesses with certified public accountants and bonding agencies.
Here are more details from a City of Grand Rapids news release:
"With numerous transformational construction projects underway in our community, it's imperative that we strategize and provide technical assistance for smaller businesses to grow through government support," said Amaad Hardy, business developer for the City.
The two-year pilot program will connect MLBE construction businesses with certified public accountants and bonding agencies. The city will serve as a crucial link between these small businesses and third-party partners.
To participate, small businesses must be certified as an MLBE with the Office of Equity and Engagement, complete the prequalification process with the City’s Engineering Office and be prequalified for projects under $250,000, and submit the Bonding Pilot Application with all required documentation. Upon completion of these steps and a readiness assessment, businesses will be added to the pilot on a first-come, first-served basis.
The MLBE Bonding Pilot Program is the first of its kind for the City of Grand Rapids and is designed to impact eight certified MLBEs.
"We are confident that with the partners around the table and our resources, we can create a national model to increase small business bonding capacity through public-private partnerships in our community," said Alvin Hills IV, river equity analyst with the City.
The City will offer subsidized Certified Public Accountant services to participating businesses through partnerships with several local accounting firms, ensuring financial statements are formatted appropriately for construction. Additionally, private partnerships will provide financial support to help businesses secure their bonds from partner insurance agencies.
This program is made possible with support from the Grand Rapids Community Foundation, the City of Grand Rapids River Equity initiatives, Construction Allies in Action, The Wege Foundation, Gentex and Acrisure.
Applications are now available. For more information on the bonding pilot program, please visit the City's MLBE Bonding Pilot website (https://www.grandrapidsmi.gov/Government/Programs-and-Initiatives/Micro-Local-Business-Enterprise-Certification/MLBE-Bonding-Pilot-Program) or contact Amaad Hardy via email at ahardy@grcity.us.
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