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September 10, 2013
Minority Business Development Institute Awarded $100,000 Grant from Travelers for Surety Bonding Education Program
Organization Applauds Travelers for Industry Leadership and Support of Program Initiatives to Assist Minority Contractor Community
BORDENTOWN, NJ – September 10, 2013 – The Minority Business Development Institute (MBDI), a not-for-profit organization committed to helping socially and economically disadvantaged businesses prosper through surety bonding preparedness, announced today that it has received a $100,000, two-year operating grant from The Travelers Companies, Inc.
“Travelers management has provided immeasurable support to MBDI as valued advisors to program development since its founding in late 2010. Their strategic guidance as well as their active participation in classroom program delivery exemplifies unprecedented industry leadership,” stated David Cayemitte, Chief Executive Officer of MBDI. “This substantial grant award is further acknowledgement of their commitment to our successful partnership.”
While providing significant resources toward the advancement of the organization’s mission, the grant award underscores Travelers’ leadership and commitment to the development of minority contribution within the construction industry.
“Travelers is pleased to support MBDI as it further develops a viable and sustainable approach to promoting minority contribution within the construction industry,” said Tom Kunkel, President of Bond and Financial Products at Travelers. “We are committed to working together with MBDI and other industry peers to lead positive change across our industry.”
MBDI creates bondable contractors through consulting advisory services, comprehensive education and training in the areas of infrastructure development, operational efficiency and financial literacy. The MBDI educational platform positions small, minority, veteran and women-owned contracting firms for bond readiness and permanently increases their opportunities and profitability. The grant will support the development of MBDI’s strategic infrastructure to include human resources, orientation and training processes and procedures, and technology platform. This support is critical to the MBDI’s sustainability and expansion to a national platform.
Over $68 million in new surety credit had been secured by MBDI program participants at the conclusion of the organization’s second program this July. Through education and advocacy, MBDI is creating jobs and has established itself as an invaluable resource to the minority contractor community it serves.
“We are happy to be working with DASNY to create more and larger bondable contractors and look forward to continuing to offer this successful program to minority and women-owned businesses throughout New York State,” said David Cayemitte, President and Founder of MBDI. “The goal of creating jobs, wealth, and most importantly, sustainable systemic change is accelerated through our work with DASNY and others, and helps to shift the paradigm of economic inequality for the minority and women contractor community.”Through this campaign using education, one-on-one consulting, training and advocacy, MBDI will continue positioning disenfranchised minority, veteran and women-owned construction businesses nationally for sustainable economic growth.
About MBDI
MBDI is a not-for-profit organization that focuses on positioning socially and economically disadvantaged construction industry businesses for growth. They do this through strategic consulting, education and training in the areas of infrastructure development, operational efficiency and financial guidance. For more information about MBDI, visit www.minoritybdi.org
Contacts:
Ashley Guidone
SmartMark Communications, LLC for MBDI
ashley@smartmarkusa.com
215-504-4272
Lorraine Bender
MBDI
lbender@minoritybdi.org
609-456-0818, ext. 6
Ashley Maagero
Travelers
860-277-2954
amaagero@travelers.com