#USA #New York #Flagstar Bank #Surety Bonding #MBDI

MBDI Launches Free Surety Bonding E-Learning Program for Small Businesses in NYC

On April 10, 2025, the Minority Business Development Institute (MBDI) announced an exciting development for small contractors across New York City. They unveiled a free Surety Bonding E-Learning Program named GoSurety, which aims to equip small and emerging businesses with the knowledge and resources they need to secure surety bonding. Sponsored by Flagstar Bank, this initiative intends to support 100 participating businesses in achieving bonding capacity of up to $1 million.

The Importance of Surety Bonding

For many small, minority and women-owned construction contractors, obtaining bonding is essential to securing larger contracting opportunities in New York City's vibrant market. However, numerous small businesses find themselves locked out of these opportunities due to limited access to bonding, capital, and often high insurance costs. Recognizing this critical barrier, MBDI has tailored the GoSurety program specifically for small contractors, establishing a clear and accessible pathway to overcome these obstacles.

What GoSurety Offers

The GoSurety program provides a comprehensive online, self-paced curriculum designed to guide contractors through the process of obtaining surety bonding. Participants will receive hands-on assistance in qualifying for bonding up to $1 million through a partnership with Embrace Partners. Additionally, contractors enrolled in the program will gain access to broader project opportunities, ultimately spurring economic growth and job creation within their communities.

David Cayemitte, CEO of MBDI, emphasized the unique opportunity that this initiative presents, stating, "Eliminating barriers to bonding, capital, and affordable insurance is essential for small contractors to succeed. At MBDI, we are committed to ensuring that small, minority, and women-owned businesses have a real opportunity to compete."

MBDI's program marks a significant shift in how small contractors can transition into positions that allow them to compete for larger contracts. The curriculum not only aims to educate but also to bolster the competitiveness and profitability of these businesses.

Flagstar Bank’s Commitment

Supporting MBDI in this initiative is Flagstar Bank, whose CRA Director, Beverly Meek, highlighted the bank's commitment to investing in community economic empowerment. Meek stated, "This initiative will not only assist 100 small contractors in strengthening their businesses through access to knowledge-based training and resources, but it will also create a ripple effect—potentially generating new project opportunities and fostering job growth across New York City."

A Game-Changing Initiative

Liz Duncan-Gilmour, the Chief Impact Officer at MBDI, described the program as a game-changer, stating, "We are providing small contractors with a clear, actionable pathway to securing bonding, gaining access to larger contracts, and ultimately scaling their businesses in a way that has never been done before." This perspective speaks to the broader implications of the initiative, as empowering these small businesses can lead to significant improvements in community economic conditions.

For more information about the GoSurety program and how to enroll, interested contractors can visit minoritybdi.org or reach out to Jose De La Cruz via email at [email protected].

Conclusion

MBDI's GoSurety program demonstrates a dedicated effort to support small contractors, particularly those who are historically underrepresented in the industry. By providing education, mentorship, and essential financial tools, MBDI and Flagstar Bank are creating opportunities that will enable these businesses to thrive and contribute robustly to New York City’s economy. As this initiative unfolds, its potential impact is expected to resonate throughout the five boroughs, enhancing fairness in the competitive contracting landscape.