Indy Contractor Development Program Launches
Indianapolis Mayor Joe Hogsett today has announced a partnership with the Indy Chamber, local leaders, developers, and representatives from the Indy Black Chamber to launch a new contractor development program. Officials say Growing with Accelerated Payment is designed to increase the ability of minority, women, veteran and disability-owned, city-certified contractors to bid on contracts.
The program provides low- or no-interest loans for working capital to individuals vying for city contracts, facilitated by the city and the Indy Chamber’s Business Ownership Initiative.
The program is being launched in response to a recent disparity study that found minority and women-owned businesses experience significant obstacles, such as lack of mentorship and access to capital, which make it harder to participate in city contracts.
The GAP Program will work to ensure long-term sustainability and growth for contractors. It offers business coaching and an opportunity to participate in mentorship programs and professional development classes offered by BOI.
“Last year, the City of Indianapolis performed its first disparity study in a quarter century. The results of that study put exact numbers on the gap between the availability of XBE businesses for city contracts, and their utilization. While the City had already sought ways to address this gap, the results of the disparity study redoubled our efforts,” said Mayor Joe Hogsett. “As a city, we are tasked with breaking down barriers to capital, to mentorship, and to engagement. By providing low- or no-interest loans; business coaches; and the opportunity to participate in development classes offered by Indy Chamber’s BOI, the GAP program will help build a deeper and wider pool of minority, women, veteran, and disability-owned businesses.”