New York Gov. Andrew Cuomo has launched a surety bond assistance program that is designed to help minority and women-owned businesses, or MWBEs, secure surety bonds and state contracts.
Through the program, the state will provide irrevocable letters of credit for eligible MWBEs, and up to 30% of the base contract amount on government contracts up to $2 million.
Travelers and ACE, two surety bond companies with A-plus ratings, have agreed to participate in the assistance program.
In a statement last week, Cuomo said the program will level the playing field for businesses and lead to economic opportunity and job growth.
The program’s website is
