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April 23, 2010

Comments

Pairing the small businesses with the bond producers is an important part of leveling the playing field. A big problem that must be overcome to fully level the playing field is to get these businesses access to the loan capitol they need to be able to make their operations as efficient as possible and allow them to bid on bigger jobs. Capitol access is the next major thing that needs to be addressed. Best wishes, Michael E. Bailey.


the fact is that small businesses that are own by black americans nedd this bonding help not only in construction, but with goods and services. In columbus Ohio, the State of Ohio has a minority set-aside law for minorities to get 15% of the State purchases. This covers goods and services.

The fact is that limited Black own businesses can or have obtain bail out funds from the Government. Why can't the Government take 500 milion dolars and ear mark it for Black own busineses to expand or start-up businesses in the Black communities. This would rebuild the community and give jobs to people. This would help with self-esteem. This way Black people are not looking to White's for Jobs. The money would be used for training owners to expand their business without looking to whites.

Once the Black business has grown and doing well then they would join into a pool to put the money back that was loan to them and another company would obtain money for their business.

We could have a Black bonding company startup to provide bonding to Black businesses and more companies would grow with this bonding company.

Educating the small business owners on what it takes to be bonded is wonderful, however what happens now that we know what we need to do? SBA has been offering classes on how to do things forever to small business owners but not many MBEs will attest to the fact that they are actually helped by SBA.

The MBEs are in need of some hands on help! Our government tells us to go and get these certifications and at that point we will have a much needed advantage and they will do business with us. They don’t tell us that there are additional unattainable requirements past that point. You can’t take a contractor and tell us that we need to set up our accounting departments or create our financials, or structure our payroll and expect us to leave the workshop knowing what and how to do it. It is time that the government stop talking AT the MBEs and work with us to make this happen. Why is the government continuously throwing educational programs at us that do not help? I suggest the government take that funding and use it to go into to the business and set up the Accounting, Payroll, and Human Resource Departments? This will help us to stay in business and hire additional employees. This is really what we need, not another class to tell us what we already know.

At the end of the day when we are more educated will the following issues be eliminated? 1. Required Audits 2. Corporate Financials 3. Credit Worthiness 4. Letters of reference from big jobs, which we have yet to work on because we can’t get bonded?

My suggestion is for the Government to start listening to the small business owners and give us some real help and stop throwing away our money to SBA and other programs to tell us what we already know.

Thanks for listening to my frustration.

Frustrated contractor

Due to the economy, our credit was damaged with late pays. Now our bonding credentials have been effected. We have been awarded 4 DOT jobs that amount to $170,000 in work but now can't find a bonding company to cover us without our bank giving us a line of credit that amounts to $170,000.

Our profit can be $100,000 on these jobs but now we can't overcome the bonding issue. It seems like the government can help us by actually backing our bonds without all the credit requirements. DBE's can get a bond waiver but we have to be in the minority to recieve that. How about some help for the average contractor????

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