Date: August 12, 2021
Media Contacts:
David Perritano, DASNY [email protected]
Brian Boyer, The Cayemitte Group, [email protected]
New Program from The Cayemitte Group Eases Obstacles for MWBEs/SDVOBs on DASNY Projects
ALBANY, N.Y. – The Dormitory Authority of the State of New York (DASNY) today announced The Cayemitte Group (TCG) is partnering with three companies to help Minority- and Women-Business Enterprises (MWBEs) or Service-Disabled Veteran-owned Business (SDVOB) firms to become as competitive as possible for DASNY projects. These MWBE/SDVOB firms often face challenges that adversely impact their business, including access to capital and an inability to purchase inventory.
This partnership will address these issues with TCG’s innovative and proprietary Cayemitte Capital Management product, which offers MWBEs/SDVOBs the opportunity to qualify to access affordable capital and surety bond credit. The new partnership enables the Benfield Electric Supply (Mount Vernon), Park Avenue Building and Roofing (Brooklyn) and NY Plumbing Wholesale and Supply (Manhattan) to provide competitive pricing on goods and credit at competitive terms for MWBE/SDVOB businesses for DASNY projects, which encompass the full range of public sector construction projects statewide.
“Our work to develop this relationship with DASNY significantly increases opportunities for minority businesses to thrive in the New York marketplace as prime contractors,” says David Cayemitte, President, The Cayemitte Group. “For many MWBE/SDVOB companies seeking to grow, this program makes the process of accessing capital more of a reality. This is a win-win for all parties.”
Benefits of this partnership include:
· Maximizing resources: MWBE/small businesses now have a project supply line at competitive terms.
· Creating opportunities: The line increases the ability to qualify for bonding.
· Enhancing efficiency: Keeps projects on schedule and avoids delays that cost time and capital.
· Increasing value: MWBE/small working capital is freed up to use for other expenses.
“DASNY is and has always been strongly committed to expanding opportunities for MWBE/SDVOB businesses and to working to ensure our partners reflect the diversity of New York State,” said DASNY President & CEO Reuben R. McDaniel, III. “We encourage all who are eligible for this program to explore it further.”
Since 2011, DASNY has completed more than $1.5 billion in construction expenditures to New York State-certified MWBEs.
About DASNY
Founded in 1944, DASNY is New York State’s capital project development authority. It finances and constructs sustainable and resilient science, health and education institutions that help New York thrive. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond portfolio of approximately $59 billion as of March 31, 2021. DASNY is also a prolific public builder with a construction pipeline of more than 1,000 projects valued at approximately $7.7 billion as of March 31, 2021. Learn more at DASNY.org.
About The Cayemitte Group
TCG offers a suite of innovative services that respond to the complicated needs of business owners and specializes in the minority contractor community, including: Insurance Services, Surety Bonding, Capital Management – access to capital, Diverse Business Consulting and Feasibility Studies. The company is a change agent and voice for the minority business community and its carefully designed suite of services provide proven solutions to systemic issues.
