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NYC Creates $10 Million Grant Fund to Help Women Owned Businesses

Women-owned construction companies in NYC may have a better shot at city construction contracts, thanks to a $10 million fund the city created to help minority and women-owned businesses. The Mayor's office stated that the new fund will help level the playing field for women- and other minority-owned small businesses.

$16 billion to women by 2025

NYC's goal is to award $16 billion in city contracts to minority and women-owned businesses by 2025. But according to the Building Trades Employers’ Association (BTEA), a professional organization that represents 1,700 construction managers, general contractors and specialty subcontractor firms in New York City, there aren't enough women- and minority-owned construction firms to work with.

The Bond Collateral Assistance Fund will grant up to $500,000 in surety bonds for each city contract awarded to women- and minority-owned businesses. This will greatly help small businesses who often have difficulty securing the bonds from the private market.

Jonnel Doris, director of the Mayor’s Office of minority and women owned enterprises, encourages women to take advantage of the new grant fund, stating, “To all small and minority and women-owned business: these programs and initiatives were created and tailored for you. Please, use them.”