U.S. Dept. of Transportation announces assistance for women and minority- owned small businesses
WASHINGTON - U.S. Transportation Secretary Ray LaHood announced September 9 $20 million in recovery funds to create the Disadvantaged Business Enterprise (DBE) Bonding Assistance Program, an initiative that will help small and disadvantaged businesses better compete for work on transportation projects funded by the American Recovery and Reinvestment Act (ARRA).
Through this new program, which will be administered by the Department of Transportation's Office of Small and Disadvantaged Business Utilization (OSDBU), small and disadvantaged businesses can apply to be reimbursed for bonding premiums and fees incurred when competing for, or performing on, transportation.
OSDBU was created as part of the Small Business Act (SBA) to ensure that small and disadvantaged businesses are provided the best opportunity to participate in the agency's contracting process. DOT's Disadvantaged Business Enterprise (DBE) program is intended to ensure nondiscrimination in the award and infrastructure projects funded by ARRA. The program will be especially helpful for businesses with traditionally less working capital than larger contractors.
