A new program called the New York State Bonding Initiative has been introduced in New York City, Buffalo, Rochester, Syracuse and Albany that aims to aid small businesses in their attempts to obtain bid bonds. This new program is a result of months of negotiating between the State of New York, the insurance industry and representatives of small businesses, and is now open to all small businesses that apply. Those that complete the program become bond-eligible.
In discussing the new program, Lt. Governor David Patterson said that “minority and women entrepreneurs have not been given a fair shake at the opportunity to do business with the state. This additional access to borrowed capital will help New York get back on track by supporting businesses that are vital to New York's communities and overall economic growth."
To read more on the details of this new program, which began on February 21 in New York City and begins in March in the other cities, click here: