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Pilot Concept
The Sheltered Bond Program is a pilot program
started by the Minority & Women Educational Labor Agency (MWELA).
The purpose of the Sheltered Bond Program is to provide the opportunity
for Minority, Women, and Disadvantaged Owned Contracting Companies to
receive a bond for the first time or increase their current bond
capacity through a well-designed, structured and monitored program.
General Description
Twenty-five (25) MWBE/DBE contractors will be selected to
participate. The potential bonding capacity that each of the
twenty-five (25) contractors could receive will be determined based on
a set criteria to include but not limited to, work history, financial
strength, etc. The guidelines for this determination will be in
alignment with the bonding criteria for the bonding company. Each
contractor will be given the opportunity to receive bonding capacity up
to $1 million depending on their qualifications.
The Goal of this Program is to ensure that in the second year, the same
twenty-five (25) contractors have successfully performed on their
initial bond in year 1 will be given the opportunity for bonding
capacity at an increased amount of $1 million or more. As in year one,
the bonding capacity will be determined on their qualifications and
performance. If successful, the bonding capacity given to the
contractor in year 1 will be able to assist them in starting to build a
positive history to receiving a higher performance bond in year 2.
Financial Structure
In addition to the
opportunity to receive bonds up to $1 million, contractors will be
eligible to receive loans for capitalization funding up to 25% of their
initial bond not to exceed $100,000 once a construction contract has
been executed and a bond had been given.
Business Development
In order to be considered, MWDBE contractors must agree to
participate in the Business Development component of the program for a
period of six (6) months. The contractors will be required to attend a
mandatory meeting once a month. By participating in the meeting
contractors will receive technical assistance to help build the
structure, capacity and sustainability of their companies. Contractors
will be required to attend the Blue Print for Success Program at the
University of Pittsburgh. In addition to the mandatory meetings and the
Blue Print for Success Program, participants will have the opportunity
to receive the following benefits by participating in the Business
Development Program.
Additional Benefits:
- One-on-one business development training to each contractor participating in the program.
- Alternative training for program participants to assist in
developing their construction skill set (i.e. blue print reading,
preparing a statement of qualifications, etc.)
Useful Links
Note: Any participating contractors who do not attend or comply with
the requirements of the SBP will be removed from the program and
forfeit the opportunity.
For more information contact:
Kirk Anderson
Recruitment Coordinator
Work Phone: 412-697-2655
Cell Phone: 412-508-1882
kanderson@mwela.net
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