ECDI to unveil “Capital for Construction” program to address financing gaps for Central Ohio minority-owned subcontractors
COLUMBUS, Ohio July 20, 2017 — Economic & Community Development Institute (ECDI) will unveil a new program focused on providing financing to minority-owned construction subcontractors. The program, called “Capital For Construction,” is a partnership with JPMorgan Chase & Co. The launch event will take place July 27 at the Wolfe Shelterhouse.
More than half of minority contractors surveyed by an ECDI-led working group reported the need for advance payments to bridge the time gap between the start of construction work and payment for the work. Two-thirds of contractors surveyed said they are concerned about starting a construction job without the availability of an advance payment.
Through the MBE Financing Program, supported by a $290,000 from JPMorgan Chase, ECDI will provide qualified minority contractors with low-interest advance payments of $5,000 to $150,000. The planning group believes this program will create or retain more than 100 construction jobs per year in Franklin County.
“We are thrilled to partner with JPMorgan Chase to provide essential resources to minority-owned businesses in Central Ohio,” said Inna Kinney, Founder & CEO of Economic and Community Development Institute. “This partnership strengthens ECDI’s commitment to address financing gaps for new and existing MBE businesses, creating new jobs while establishing stronger business sustainability for an often neglected entrepreneur population.”
Kinney will be joined at the launch event by Pete Mattingly of JPMorgan Chase, Lonnie Miles of McClellan Construction, Dan Moncreif III of McDaniels Construction, and Nancy Tidwell, owner of NRT & Associates.
“Access to capital and bonding have been major barriers to inclusion for contractors, especially minority contractors,” Moncreif said. “With this program we’re taking a tremendous step as a community toward eliminating capital barriers. I believe this will be transformational for many small, minority-owned construction companies.”
In addition to accessing financing, subcontractors will also be able to take advantage of industry-specific training, incubation services, and mentorship opportunities.
Contractors can attend the “Capital For Construction” launch event to learn more about the program by contacting Kevin Brennan at kbrennan@ecdi.org.
