Minority Business Accelerator 2.5+ Estimating Room
The Minority Business Accelerator 2.5+ , an initiative of the Greater Cleveland Partnership and the Commission on Economic Inclusion, is launching an Estimating Room to help its portfolio clients in the construction industry bid on projects. Thanks to the generous support of Forest City Enterprises, a Commission-member company that is donating the space, the Estimating Room will be located in Suite 509 of the Terminal Tower.
“The rational for creating the room came from the amount of feedback we received from the companies we service,” said GCP Senior Vice President Andrew Jackson, who is also executive director of the Commission. “This new program will help leverage our clients’ capabilities and capacity as well as help them be better prepared when bidding on projects.
“Research shows that many minority-owned businesses that secure contracts and deliver the work often barely break even or actually lose money after the project is completed. This is because of underbidding due to a lack of resources and sometimes estimating experience and expertise.”
The Estimating Room will provide equipment and coaching to help MBEs submit competitive bids that accurately reflect their costs. “We’ll have experts in a variety of construction fields, such as dry wall or plumbing, to first help them prepare their bids. then teach them how to do it on their own for future projects,” said Jackson. The Minority Business Accelerator will cover the cost of the equipment, estimating services, and the educational component, with the MBEs expected to pay for the costs of supplies.
The Estimating Room will be used by MBEs served by the Minority Business Accelerator 2.5+. Launched in 2008 and funded by the Fund for Our Economic Future (FFEF) and the Cleveland Foundation, the Accelerator focuses on growing the size, scale and infrastructure of African American- and Hispanic-owned companies with annual revenues of at least $2.5 million located in the 16-county Northeast Ohio footprint serviced under FFEF guidelines.
Exceptions may be granted on a case-by-case basis to MBEs who fall below the $2.5 million threshold but are in the process of bidding on one of the region’s major construction projects where the Commission is working to ensure participation by minority-owned companies.
The Estimating Room is scheduled to open in January 2011.