Presentation on theme: "Office of Civil Rights Business Development Program Overview Metro State Aid Training 3/2/11."— Presentation transcript:
Office of Civil Rights Business Development Program Overview Metro State Aid Training 3/2/11
Office of Civil Rights Business Development Program DBE Outreach & Assistance Intensive Business Development Business Development Workshops/Seminars Mentor Protégé Working Capital Loan Fund Program
DBE Outreach & Assistance Conduct DBE Program Information Sessions – Monthly – Mn/DOT and Community Locations Assist Potential DBEs to prepare and submit application materials Developing Request for Proposal for additional DBE Outreach & Assistance services – Statewide – Industry-specific outreach activities Participation in community business outreach events Office of Civil Rights Newsletter – quarterly distribution
Intensive Business Development DBE Orientation – Invitation/Application to participate in program – Business Assessment – Development Plan – Questions asked of each business – Assessment results – Must submit business plan within six (6) months of participation in IDP Business Development Workshops/Classes – Developing RFP for e-learning options Bidding & Estimating Assistance – DBE takes Bidding & Estimating workshop – Assistance in bidding on Mn/DOT or other projects
Business Development Workshop Workshops: – Business Accounting – Financial Skills for Small Businesses – QuickBooks Skills for Small Business – Sales and Presentation Skills for Business Owners – Business Planning and Marketing – Understanding Legal Aspects of Bidding – Risk Management in Construction – Partnering, Team Projects and Ways to Increase Capacity Any certified DBE can attend these workshops Developing RFP for e-learning options
Mentor/Protégé Program Promote partnerships between DBEs and Prime Contractors M/P relationship may include: – Bonding – Insurance – Project Management – Contracts – Payments – Enhance Protégé work capacity – additional NAICS code added to DBE certification
Mentor/Protégé Program Mentor Participation Benefit: – Provide assistance to small businesses – Improve potential sub-contractors for future projects – Develop understanding of DBE business community Protégé Participation Benefit: – Increase business opportunities – Develop construction skills needed to increase business capacity – Network with other Mentors and Primes to improve business opportunities
Mentor/Protégé Program Both Mentor and Protégé apply to the program – M/Ps are arranged with agency that certified the DBE – Each is interviewed to determine acceptance into the program Long-term partnerships can be developed for up to 3 –5 years Project-specific partnerships can be developed for projects funded with US/DOT funds If the businesses are considering working on a specific project Mentor/Protégé agreement must be approved prior to the bid opening.
Working Capital Loan Fund Program The purpose of the Working Capital Loan Fund (WCLF) Program is to loans provide short-term gap financing to enable eligible DBE firms businesses to be awarded and successfully complete contracts for construction of, or to provide construction-related materials, supplies, or services for, Mn/DOT projects. Gap financing provides financing for businesses that are financially healthy, but cannot obtain adequate financing from private lending institutions.
Working Capital Loan Fund Program The WCLF will grant loans up to $15,000 or 50%, whichever is less, of the contract or subcontract costs as applicable to certified DBE firms working as prime contractors or subcontractors on Mn/DOT projects. The WCLF Program will work in cooperation with private lenders if the loan amount requested is larger than allowed under the WCLF Program. Terms of WCLF loans will be between one-hundred twenty (120)days. Interest is no more than 8% with interest returned to loan fund to help grow the fund.
Working Capital Loan Fund Program The WCLF Program Administrator is Metropolitan Economic Development Association. WCLF expected to begin by March 15,2011. WCLF contains $218,000 for use on Mn/DOT projects