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Small Business Bonding Readiness Assistance Program

The New Jersey Economic Development Authority (EDA) today approved entering into a partnership with the African American Chamber of Commerce of New Jersey (AACNJ) to establish and operate the Small Business Bonding Readiness Assistance Program, a training initiative that will better position small, minority- and women-owned businesses to compete for state or federal government contracts.  The AACNJ was selected following a competitive Request for Proposal (RFP) process, which was the result of P.L. 2016, c.84.

Under the Small Business Bonding Readiness Assistance Program, eligible companies will participate in a training course designed to increase bonding knowledge and capacity, with a focus on the construction and development industries. Tuition grants will cover the cost of the training for small businesses selected to participate.  

The program will kick off with a series of publicly available educational outreach events throughout the state to provide an overview of how surety bonding works and engage potential applicants.  If a business is accepted into the program, they will participate in workshops and strategic counseling sessions spanning several key areas, including: bonding and insurance, business development, financial presentation, construction and contract law, construction management, estimating, personal credit, and business credit.

Additional information on the program, including the dates and locations of outreach events and the application process, is forthcoming.  Interested parties can visit www.njeda.com/NJBonding for program updates.  

Further information on the program, including the dates and locations of outreach events and the process by which to apply, is forthcoming. In the interim, interested parties can visit www.njeda.com/NJBonding for any updates.