Approval of the proposed funding will open up participation to minority contractors in three additional urban centers, allowing them to acquire bonding needed to secure projects. The pilot program was created in response to the inability of a large number of minority contractors to acquire bonding through the traditional underwriting process. State funding for the will be used to reimburse surety companies in the event of default by the contractor. Only minority businesses located in Connecticut and working on contracts within the designated cities are eligible to participate in the guaranty program."Minority contractors are important job generators and should have every avenue available to secure work for their companies and paychecks for their employees,"Rell said.
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