Boston, MA, Oct. 28, 2024 (GLOBE NEWSWIRE) — The Initiative for a Competitive Inner City (ICIC) is excited to announce its partnership with the New Jersey Economic Development Authority (NJEDA) and Kean University to bring the Building for Growth (BFG) program to New Jersey. This tuition-free initiative is designed to equip construction companies with the education and tools necessary to enhance their capacity and develop sustainable growth strategies.
“I recommend Building for Growth enthusiastically: literally no stone was left un-turned. This helped me really identify gaps in my current workflow and where I need improvements. It also opened my eyes to the things I could be overlooking that are essential for success and performance,” stated BFG program alumna Hemlata Persaud of United Electric Contracting in Bayonne, New Jersey.
BFG focuses on helping businesses build their backlog, access capital, increase bonding capacity, and position themselves for larger contracts. Since its inception, the program has successfully supported construction companies owned primarily by people of color, women, and veterans. The hybrid 18-week program includes weekly classroom training, dedicated technical assistance, and one-on-one mentorship. Applications are now open—click here to apply.
“By partnering with NJEDA and Kean University, we are reaffirming our commitment to empowering diverse small businesses in New Jersey,” said Steve Grossman, CEO of ICIC. “The Building for Growth program will provide valuable resources and insights that help contractors overcome barriers and achieve lasting success.”
The program will feature four in-person sessions, including a kickoff and graduation hosted at Kean University. Participants will gain knowledge in finance fundamentals, contract competition, construction law, and strategic planning.
To be eligible for the BFG program in New Jersey, a company must:
- Be an independent, for-profit corporation in the construction industry
- Be headquartered in New Jersey or perform a significant percentage of contracts in New Jersey
- Be at least 51% BIPOC- and/or woman-owned and/or veteran-owned and/or located in an overburdened community*
- Have annual revenues of $1MM-$10MM and/or be on course to reach or exceed $2MM within the next 3 years
For more details on eligibility and to learn more, click here.
About ICIC
The Initiative for a Competitive Inner City (ICIC) is a recognized leader in accelerating small business growth in under-resourced communities. Founded by Harvard Business School professor Michael Porter, ICIC drives inclusive economic prosperity through innovative research and programs that create jobs, income, and wealth for local residents.
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