Gov. Dannel P. Malloy announced today that the state will provide $2 million to the Hartford Economic Development Corporation to help the organization implement a minority business assistance program.
The program will be designed to help businesses obtain surety bonds for capital construction, officials said. It will also provide a revolving loan fund to help minority contractors cover costs incurred while awaiting payment during the construction phase of projects.
State law requires that 25 percent of funding allocated for public building projects, highway construction and the purchase of goods and services must go to small businesses. Of that amount, 6.25 percent must go to minority-owned businesses, women-owned businesses, or disadvantaged businesses with a net worth less than $750,000.
“As the construction industry recovers, it is important that we have programs and funding in place that ensure minority contractors have opportunities to bid and win contracts and play a more active role in the state’s economic resurgence,” Malloy said in a statement.
The state’s bond commission is expected to vote Friday on the funding.
