Toledo, OH – Dec. 13, 2010 – The Toledo-Lucas County Port Authority launched the Diversified Contractors Accelerator Program (DCAP) today which provides financial solutions to encourage increased participation by Northwest Ohio-based minority and women-owned contractors in publicly bid work and privately funded construction projects.
DCAP offers access to bid, performance, and payment bonds to contractors who are unable to obtain bonding through traditional sources and offers access to capital for the purchase of materials and payment of labor costs. Bonding is an essential piece of both public and private construction and construction-related businesses. Access to capital is equally critical to fund project materials and labor costs. By allowing the bonding and project cash flow decision to be brought to a local community level, DCAP intends to remove some of the obstacles that many minority and women-owned businesses face in securing bonding and managing project cash flow. In addition, the program will supplement the contractors’ educational and financial strategies by providing resources to leverage local industry training programs designed to teach the basics of the business of construction and in turn empower them to better compete and to build the tools necessary for long-term business success.
“The Diversified Contractors Accelerator Program has been a vision of the Port Authority for several years,” says Paul Toth, President and CEO of the Toledo-Lucas County Port Authority. “We are incredibly appreciative of our partners at the City of Toledo and The University of Toledo for assisting us in bringing this program to fruition.”
The Port Authority, the City of Toledo and The University of Toledo all contributed $200,000 in seed money to initiate the program.
Interested contractors can get started with the program by completing a Company Overview which is located on the Toledo-Lucas County Port Authority website at
www.toledoportauthority.org/dcap.
The Toledo-Lucas County Port Authority developed DCAP in cooperation with the Toledo Minority Contractors Business Assistance Programs, Ohio Department of Development Division of Minority Business Enterprise, Lucas County, City of Toledo, University of Toledo, Northwest Ohio Hispanic Chamber of Commerce, African American Bureau of Commerce, local banking community, and minority and women-owned business community.
The Port Authority continues to reach out to other private and non-profit entities interested in the success of the program to secure additional in-kind contributions to expand the scope of our ability to serve the greatest amount of participants within this constituency base.
The PorT Authority will establish a credit facility of up to $2 million from a syndicate of local banks to facilitate the program’s capital flow to program participants.
DCAP governance will consist of the Port Authority being the program sponsor with an Executive Board providing advisory oversight. The Board will comprise of members representing the Port Authority, University of Toledo, City of Toledo, Toledo’s African-American Bureau of Commerce, Northwest Ohio Hispanic Chamber of Commerce and two additional financial contributors and local community representatives appointed by the Program Sponsor. In addition, the program will have several committees comprising of industry experts that will provide strategic and advisory consultation in the areas of bonding, financing and training/educational assistance for program participants.
It is the mission of the Toledo-Lucas County Port Authority to continuously leverage our strategic geographic position, resources and economic development proficiency to provide increased business opportunities—built upon and around our innovative transportation and logistics expertise—while promoting our community and region within the global marketplace. We will accomplish this through unmatched speed and efficiency of service, collaborative and strategic partnerships, community stewardship and the continued generation and execution of new ideas and innovations.
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