Empowering Construction Businesses in New Jersey
The Initiative for a Competitive Inner City (ICIC) has forged an exciting partnership with the New Jersey Economic Development Authority (NJEDA) and Kean University. This collaboration has given birth to an innovative educational initiative, titled the Building for Growth (BFG) program, aimed at uplifting underserved construction contractors in New Jersey.
Overview of the Building for Growth Program
The BFG program stands out as a tuition-free opportunity designed to provide essential tools and education for construction companies. Its primary goal is to bolster these companies’ capabilities, aiding them in crafting sustainable growth strategies they can rely on for years to come.
According to Hemlata Persaud, an alumna of the BFG program from United Electric Contracting, “Building for Growth enthusiastically covers every facet. This helped me spot gaps in my workflow where enhancements are necessary, opening my eyes to overlooked essentials for success and optimal performance.”
Benefits of the Program
Focusing on key areas such as building a robust project backlog, gaining access to necessary capital, and enhancing bonding capacity, the BFG program positions participants favorably for larger contracts. Since its launch, it has been particularly beneficial for construction businesses owned by individuals from diverse backgrounds, including those who are people of color, women, and veterans. This hybrid program spans 18 weeks, incorporating weekly classroom sessions, personalized technical assistance, and one-on-one mentorship, which are crucial elements for participant growth.
Key Features of the Program
The program consists of four in-person sessions at Kean University, including both a kickoff and a graduation ceremony. Participants will dive into critical topics like finance fundamentals, contract competition, construction law, and strategic planning, empowering them with vital skills for success in the construction industry.
Eligibility Requirements
To qualify for the BFG program in New Jersey, applicants must meet specific criteria, which include:
- Independent, for-profit corporation operating within the construction industry.
- Headquartered in New Jersey or conducting a substantial percentage of contracts there.
- At least 51% owner representation from BIPOC, women, veterans, or those located in an overburdened community.
- Annual revenues between $1 million and $10 million, or a trajectory towards exceeding $2 million in the next three years.
For those interested in more details about eligibility and the application process, further information can be easily found.
About the Initiative for a Competitive Inner City
The Initiative for a Competitive Inner City (ICIC) has established itself as a key player in promoting small business growth within under-resourced communities. Founded by esteemed Harvard Business School professor Michael Porter, ICIC diligently works towards fostering inclusive economic growth by leveraging innovative research and effective programming that generates jobs, income, and wealth for local communities.
Frequently Asked Questions
What is the focus of the Building for Growth program?
The program aims to enhance the capabilities of construction companies by equipping them with education and tools for sustainable growth.
Who can apply for the BFG program?
Eligible candidates include independent, for-profit construction companies based in New Jersey with specific ownership and revenue criteria.
What topics are covered in the BFG program?
Core subjects include finance fundamentals, contract competition, construction law, and strategic planning.
How long does the program last?
The Building for Growth program spans 18 weeks and includes both classroom training and personalized mentorship.
What is ICIC's mission?
ICIC aims to drive economic prosperity in underserved communities through innovative programs that foster job creation and wealth building.
