BORDENTOWN, NJ – September 10, 2013 – The Minority Business Development Institute (MBDI), a not-for-profit organization committed to helping socially and economically disadvantaged businesses prosper through surety bonding preparedness, announced today that it has received a $100,000, two-year operating grant from The Travelers Companies, Inc.

“Travelers management has provided immeasurable support to MBDI as valued advisors to program development since its founding in late 2010. Their strategic guidance as well as their active participation in classroom program delivery exemplifies unprecedented industry leadership,” stated David Cayemitte, Chief Executive Officer of MBDI. “This substantial grant award is further acknowledgement of their commitment to our successful partnership.”

While providing significant resources toward the advancement of the organization’s mission, the grant award underscores Travelers’ leadership and commitment to the development of minority contribution within the construction industry.

“Travelers is pleased to support MBDI as it further develops a viable and sustainable approach to promoting minority contribution within the construction industry,” said Tom Kunkel, President of Bond and Financial Products at Travelers. “We are committed to working together with MBDI and other industry peers to lead positive change across our industry.” 

MBDI creates bondable contractors through consulting advisory services, comprehensive education and training in the areas of infrastructure development, operational efficiency and financial literacy.  The MBDI educational platform positions small, minority, veteran and women-owned contracting firms for bond readiness and permanently increases their opportunities and profitability. The grant will support the development of MBDI’s strategic infrastructure to include human resources, orientation and training processes and procedures, and technology platform. This support is critical to the MBDI’s sustainability and expansion to a national platform.

Over $68 million in new surety credit had been secured by MBDI program participants at the conclusion of the organization’s second program this July. Through education and advocacy, MBDI is creating jobs and has established itself as an invaluable resource to the minority contractor community it serves.

“We are happy to be working with DASNY to create more and larger bondable contractors and look forward to continuing to offer this successful program to minority and women-owned businesses throughout New York State,” said David Cayemitte, President and Founder of MBDI. “The goal of creating jobs, wealth, and most importantly, sustainable systemic change is accelerated through our work with DASNY and others, and helps to shift the paradigm of economic inequality for the minority and women contractor community.”Through this campaign using education, one-on-one consulting, training and advocacy, MBDI will continue positioning disenfranchised minority, veteran and women-owned construction businesses nationally for sustainable economic growth.

BORDENTOWN, NJ – March 25, 2013– The Minority Business Development Institute (MBDI), a not-for-profit committed to helping socially and economically disadvantaged businesses prosper through surety bonding preparedness, announced today that the Dormitory Authority of the State of New York (DASNY) has renewed its contract with The Cayemitte Group (TCG) under which MBDI will administer the educational component of the Statewide Surety Bond and Capital Access Program. Through this innovative program, MBDI will continue to provide strategic consulting and technical training to Minority and Women-owned Business Enterprise (MWBE) construction businesses so they can optimize their surety bond capacity.

The DASNY Surety Bond and Capital Access Program is designed to help create MWBE Prime Contractors. The DASNY program works with participant firms to acquire the surety bonding and working capital needed to compete for work on state construction projects, in order to increase the number of MWBEs qualified to bid on state jobs.

“Over the last three years working with the MBDI team, the DASNY program has been able to position MWBE construction businesses to receive over $55 million in bonding,” said Michael Clay, Director Opportunity Programs Group at DASNY. “The state’s investment in this program enables local businesses to become bonded and translates into jobs, revenue and opportunities for the New York economy.”

Through the executive workforce development component, MBDI will provide the DASNY Surety Bond and Capital Access Program participants with the following: Education for CEOs and management personnel to improve managerial, operational and financial functions with an emphasis on financial literacy and community development

• Preparation for both participant’s first contracts requiring surety bonding, and for growing capacity to compete for larger contracts requiring larger bonds
• Support during the preparation process for surety bond application
• Development of road maps for the participant firm’s continued growth and success

“We are happy to be working with DASNY to create more and larger bondable contractors and look forward to continuing to offer this successful program to minority and women-owned businesses throughout New York State,” said David Cayemitte, President and Founder of MBDI. “The goal of creating jobs, wealth, and most importantly, sustainable systemic change is accelerated through our work with DASNY and others, and helps to shift the paradigm of economic inequality for the minority and women contractor community.”Through this campaign using education, one-on-one consulting, training and advocacy, MBDI will continue positioning disenfranchised minority, veteran and women-owned construction businesses nationally for sustainable economic growth.