Bonding Education Program Kick Off!
The Southwest Detroit Business Association kicked off their first session of the Bonding & Education Program in partnership with the Michigan Department of Transportation and the USDOT Great Lakes Small Business Transportation Resource Center. The BEP is designed to provide small and disadvantaged businesses the tools and resources required to compete for transportation projects.
The 1st session introduced participants to other small minority-owned contractors. The agenda consisted of overviews for strategic/business plans, capability statements, and elevator pitch to start and grow your business. There were also presentations from the local Procurement and Technical Assistance Center (PTAC), HNTB, Windsor-Detroit Bridge Authority, and the City of Detroit that educated contractors of business opportunities and the importance of seeking bonding capacity for public projects.
The 2nd session consisted of presentations by Maddin Hauser Roth & Hueller PC, attorneys specializing in construction contracting, Unemployment Tax Rate & Benefits for the State of Michigan by the Office of Employer Ombudsman, and Managing Growth by the Surety & Fidelity Association of America, as well as the Fundamentals of Accounting by Ben Cunningham, CPA specializing in construction.
The 3rd session was made up of 2 panel discussions consisting of bonding agents discussing the importance and opportunities in Bonding, as well as, banking and micro lending with experts from the US Small Business Administration and the USDOT Great Lakes Small Business Transportation Resource Center. Participants were able to network with these resources to explore options for accessing working capital and bonding their business.