Minority Contractor Resource Center
Shore up your business and get funded for the big projects.
Minority-owned commercial construction contractors:
We're here to help you overcome the barriers you often face on the path to growth – including struggling to pay up-front costs to complete projects, knowing you won't be paid until weeks after an invoice has been submitted.
Even if (especially if) you haven't had great experience with banking in the past, our job is to help you get financially ready to grow. Then, when you've got an opportunity, we'll make sure a lack of access to funding doesn't get in the way by covering your project costs with a low-interest, low-barrier loan.
See how the Minority Contractor Resource Center (MCRC) helps you grow with a three-track program.
See upcoming events and join our mailing list so you never miss an important training or procurement event.
Start now, and be ready when opportunity knocks:
Learn more about how you or your organization can work alongside us towards an equitable future for Minority-owned contracting businesses through partnerships, sponsorships, volunteering or mentoring.
Based on your experience,
you’ll start on one of three tracks
TRACK 1
Get Down to Business
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Bookkeeping, bidding, scheduling, technical documents, capabilities statements - we’ll help you shore up any skills you need on the business side of things.
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Assistance with MBE and EDGE certification included.
TRACK 2
Funds to Grow
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Get a low-barrier, low-interest loan so you can take on that bigger project. You DO NOT need a high credit score to qualify - we’re here to help.
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Receive continued help with accounting, payroll, etc. while you build your network with other subs.
TRACK 3
Get Opportunities
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Connect with the big general contractors.
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Bid on projects.
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Continue to reap all the benefits from Tracks 1–2.
Events & Trainings
Hop on a virtual workshop, attend a networking event or learn about upcoming construction projects accepting bids from Minority Contractors.
MCRC and Entrepreneurial Events
Attend industry specific trainings by local experts on how to grow your contractor business. In addition, ECDI has weekly trainings and events to help sharpen your entrepreneurial skills. View our training and event calendar.
Sign Up for our Weekly Email
Every week, get construction industry trainings, events and mixers delivered right to your inbox. Don't miss out on upcoming events.
Resources
Capability Statement Assistance
Looking to update or create a new capability statement? We’ll work with you to craft a document that highlights your company’s expertise and unique offerings. Get started here.
Meet 1:1 with Industry Experts
Need help with estimation, project management, business development, contractor prequalification, preconstruction, or another area? If you'd like to learn from our expert volunteers, please fill out this form.
Program Description
The Basics
ECDI Minority Contractor Resource Center offers low-interest, short-term loans, enabling you to complete work on a contract, and then pay off the loan when you receive your payment.
The Benefits
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Access to capital
Have funds to pay up front for suppliers and labor to fulfill a contract, even when you will not receive payment for weeks or months after you've sent your final invoice
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Entrepreneur training
Get no-cost training in accounting and other business practices, so you'll be confident managing this loan and other future financial contracts
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Help with certifications
Minority Business Enterprise (MBE), Women Business Enterprise (WBE) and other certifications will open your business up to a host of government and other contracts
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Ongoing professional assistance
Take advantage of continued technical assistance, business training and mentor matching
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Procurement opportunities
Receive notice of procurement opportunities from ECDI's network of large commercial building companies
The Details
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Loan range
$5,000 to $350,000
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Expenses your loan can cover
Loans can be used for labor, materials and other ancillary costs relating to completing the project work (usually about 50% of the total contract value)
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Ability to fund multiple contracts
After you've successfully paid off your first loan, you can mobilize up to three contracts at a time
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12 month term limit
Minority Contractor Resource Center loans are short-term, so loans must be paid back within 12 months or less.
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Application and closing
Standard application process and closing fees do apply to this loan. Your ECDI relationship manager will give you full details.
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Time to loan
Please be aware, you will need to complete the loan readiness and application processes before you can receive funds, which may take 2-3 weeks (or potentially longer if you are required to complete training or take other actions). We recommend that you begin the process now, so you're ready to move when you land that big contract!
The Requirements
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Owned by African American or other minority entrepreneur
Businesses must be owned and operated by a person who is female, African American, or another ethnic or racial minority.
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Loan readiness
Borrowers must be "loan ready." Our loan advisors will work closely with you to assess your standing and assure your readiness, including help with certifications, financial or other training, or any other steps that are needed for your business and specific situation. Each borrower must complete a loan readiness update on a yearly basis.
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MBE- or WBE-certified
Businesses must be MBE- or WBE-certified. (We can assist.)
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Contract
Once you are loan ready, you must have a signed and dated contract from the company who is giving you the project, including a schedule of work and payment schedule.
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Joint payment authorization
Once you have provided a signed copy of your contract, ECDI will work with you and the general contractor or company you're contracting with to sign appropriate joint payment authorization forms, stating that the general contractor will make payments directly to ECDI until the loan is paid in full.
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Personal guarantee and LOI
As part of the application process, you will be asked to sign a personal guarantee and letter of intent (LOI).
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Licensed, insured, legal
Borrowers must be licensed to operate, maintain appropriate P&C and liability insurance, be authorized to work in the United States, be legally structured, and/or meet any state or federal requirement for legally operating.
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Reporting
A site visit, payment schedules and periodic project status reporting are required after loans are issued, in addition to jobs reporting.
NOT Requirements
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Property, inventory, or collateral other than your signed contract are not required for loans up to $150,000. For loans over $150,000, collateral is required.
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You are not required to have a high credit score.
However, you might not be eligible if you owe personal or business taxes (exceptions made in special situations).
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Strong banking history is not required.
This program is made to level the playing field for those who have been under-served by traditional banks.
If you're not sure you'll qualify, or if you haven't landed a big contract yet, we encourage you to apply now. Our loan advisors will help you through the steps you'll need to take to be loan ready when you do find that game-changing contract opportunity.
Start now, and be ready when opportunity knocks: