In June 2009 The Cayemitte Group was contracted by the Dormitory Authority – State of New York (DASNY) to design, administer and manage its statewide Surety Bond/Capital Access Program for minority and women-owned companies (MWBE). The official press release that announced the launch of this innovative new program is available for review at: http://www.dasny.org/dasny/news/2009/06242009.php.
DASNY provides financing and construction services to public and private universities, not-for-profit healthcare facilities and other institutions which serve the public good throughout the state of New York. The development of the Surety Bond Program was a direct response to former Governor Paterson’s stated goal of inclusion of MWBE firms in New York State’s economic development. Conceived and designed by The Cayemitte Group, the Surety Bond/Capital Access Program is a comprehensive education and support-based program with the goal of providing a permanent solution to the bonding issue that has historically hindered the emerging contractor.
The Surety Bond Program will assist MWBE’s to improve broad-based managerial, operational and financial functions, thereby permanently increasing productivity and profits. At the same time, these efficiencies will reduce the loss exposure to the surety companies that write a bond and/or create a bond line, providing an incentive for the surety to build a partnership with individual contractors.
Removing minority barriers to success is a daily priority at The Cayemitte Group. The successful execution of the DASNY workforce development program will outline a path for continued growth and success of the contractor participants to secure bonding. These factors will ultimately create jobs, create wealth (and perhaps generational wealth), increase community tax bases and, most importantly, allow for sustainable systemic change for this previously underserved population.
As the two-year pilot program comes to a close, TCG and DASNY are pleased to report that the program has successfully reached its outlined goals. TCG is also very pleased to announce that DASNY has renewed its contract with The Cayemitte Group to administer the program for another two-year period.
The Cayemitte Group is very proud of its leadership in this important and replicable DASNY initiative. It is a prime example of how common goals can be reached through innovation and partnership.
