Bonding Prep

In 2008, the Commission on Economic Inclusion, in collaboration with the Surety & Fidelity Association of America, launched a Bonding Prep program, a professional development course for minority business owners (MBEs). The program improves the ability of MBEs to obtain a bond or increase their bond capacity. It is a unique local resource for the Northeast Ohio MBE community.

Classes are held during the first quarter of each year, one night per week, over a six-week period. The typical class size is 25 to 30 people. The course consists of three interrelated segments:

Educational Workshop

  • Offers information to improve operating efficiencies and “bond-ability”
  • Class work includes comprehensive course work ranging from construction accounting to estimating and project management.

Bond Readiness

  • Consists of one-on-one interactions with surety bond professionals, underwriters and other bond producers who work closely with participating MBEs
  • Sessions provide training in the preparation of the materials necessary to complete a successful bond application.
  • Surety bond professionals conduct a bond readiness assessment, suggesting solutions to bond-ability issues.
  • Participants are referred to technical experts for assistance such as business planning or establishing financial processes to facilitate succesful bond underwriting.

Credit Readiness

  • Focuses on credit repair, loan packaging and understanding financial statements
  • Participating bond professionals provide participants with individualized, prescriptive plans documenting further steps the MBE should take to achieve bond-ability.

For more information, contact Brian Barnes at (216) 592-2261 or bbarnes@gcpartnership.com. Click here to read more about the Commission's bonding assistance for minority business owners.