A $2.5 million grant will help woman- and minority-owned contractors compete for public construction contracts. Access Plus Capital is taking action to break down barriers.
State and local governments spend billions of dollars hiring contractors for goods and services. Despite decades of supplier diversity and other policies meant to make up for disparities, very few contracts go to minority contractors. A 2016 study by the Minority Business Development Agency found there has been little movement nationwide on boosting minority business participation in public contracts. A generous grant from the James Irvine Foundation aims to change that.
The $2.5 million grant was awarded to the Fresno Metro Black Chamber of Commerce. The Chamber is partnering with Access Plus Capital, a Community Development Finance Institution (CDFI) to establish a Bond Guarantee Collateral Pool and to provide contractors the needed technical assistance to be more competitive in the bidding process.
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Access Plus Capital is a subsidiary of Fresno Economic Opportunities Commission