Mayor Ras J. Baraka, Deputy Mayor and director of Newark Economic and Housing Development Baye Adofo-Wilson and Newark Community Economic Development Corporation acting President and CEO Scott Blow announced the launch of Newark’s groundbreaking Contractor Development Initiative (CDI) Program. Presented in partnership with The Cayemitte Group, this unique training initiative puts Newark-based, minority and women contractors on the path to secure bonding and construction contracts in the City. An info-session for interested parties will take place this evening from 6 p.m. to 8 p.m. at Newark Community EDC’s offices, 111 Mulberry Street.
The 16-session program – offered exclusively to Newark contractors, particularly disadvantaged, minority and/or women entrepreneurs – includes classroom sessions, QuickBooks webinars and one-on-one business coaching. Those who complete the requirements will be considered as prime contractors for impending City contracts, gain access to financing to secure bonds and increase their credibility with the City and larger developers. The first cohort of Newarkers is expected to complete the program during the summer of 2017.
“Newark is being transformed by the efforts and talents of Newarkers,” said Mayor Baraka. “With this Contractor Development Initiative, we are taking another step toward ensuring that our City’s prosperity touches everyone. Newark is thriving and we’re excited about the new local partnerships this program is creating.”
“By focusing on Newark-based contractors,” added Deputy Mayor Adofo-Wilson, “we are directly impacting our local economy and ensuring that our Newark-based businesses benefit from our City’s development boom.”
“The Newark Community Economic Development Corporation is excited about this groundbreaking program,” said Acting President Blow. “This is the first time that the Cayemitte Group’s program has been executed in such a concentrated geographic area. Our program provides participants with an incredible opportunity to level the playing field. We are giving our Newark-based entrepreneurs and contractors the leg-up that they need to compete in the marketplace.”
“The Newark Contractor Development Initiative provides local Newark contractors a tremendous opportunity to learn what they need to prepare their businesses to participate on City of Newark projects,” said Liz Duncan-Gilmour, senior vice-president and counsel of The Cayemitte Group. “Many local contractors are working on residential projects – which are key to revitalizing neighborhoods in Newark – and we are excited to partner with the City to help these firms to transition into public work by building their operational capacity and financial presentation so that they can qualify for bonding and access capital to finance these projects.”
“We are thrilled to learn of the launch of this contractor development initiative,” said Reivax Contracting Corporation President Xavier Pimenta. “This is the exact type of forward-thinking initiative that helps us as developers tap into the City’s existing talent. With over 1,000,000 square feet of development in the works, Reivax Contracting looks forward to working with those who complete this program and become part of Newark’s renaissance.”
Courses begin December 15, 2016, and take place at Newark Community EDC offices in downtown Newark. 15 contractors will be selected for this initial cohort. Applications however, will continue to be accepted on a rolling basis.