CBBE’s primary goal is to significantly increase the utilization of Black Business Enterprises (BBEs) as prime and subcontractors by addressing five key areas; access to capital, capacity building, bonding/insurance, resources, and opportunities on major infrastructure projects throughout NY and NJ.
Our short term strategy for early 2021 is to deliver one of our signature programs. the ENGAGE, ELEVATE, EXPAND pilot program that will focus on approximately 25 businesses.
The program will have a capacity building component to address common areas where BBEs have gaps in capacity. The BBEs will do a Business Assessment to identify gaps.
While BBEs are engaged in the program, they will create a 90 day Action Plan to address gaps in their business and to ready them for contract opportunities. Each BBE will have a coaching session to discuss his 90 Day Action Plan. Upon completion of the Coaching session, BBEs will be referred to resources and partners to address areas of deficiency.
We will also have a match making event for our project partners to meet with the BBES that are a fit for their respective project.
Our long term strategy is to obtain commitment from a major bank(s) to capitalize a loan fund to adapt contract mobilization loans to not only include construction but other industries as well, (e.g. professional services) expand loan fund support and utilization beyond government into the private sector, and obtain commitments from corporations and GCs associated with these projects to participate in the expanded industry loan fund.
This will widen opportunities for vendors and suppliers to have access to innovative lending programs, impact BBEs ability to access capital on $1B mega projects, and create learning opportunities related to business capacity and financial literacy and planning.
Audacious One Year Outcome
There will be a significant increase in the number of BBEs obtaining procurement contracts and successfully completing them. There will be a lost opportunity if these projects are not leveraged to create sustainable and lasting change. Communities will be also transformed by the participation of local BBES on these mega projects.