California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

The California Department of Transportation (Caltrans) says it is partnering
with the U.S. Small Business Administration to help California small businesses
bid on construction projects.

Caltrans says it’s the first such partnership in the nation and one of the top
ten recommendations from participants at the Governor’s Conference on Small
Business & Entrepreneurship.

The joint “Bonding Assistance Initiative” helps qualified small businesses access
bond guarantees – which are required on Caltrans construction contracts and are
currently difficult for small businesses to attain.

“California’s new partnership with the U.S. Small Business Administration relieves
what was previously a huge challenge for these organizations in bidding on Caltrans
projects,” says Gov. Arnold Schwarzenegger.

Prior to this partnership, California-based small businesses faced a limited number
of companies issuing SBA surety bond guarantees. California’s new partnership with
the SBA will increase the number of surety bond companies statewide, Caltrans says.

California has received nearly $2.6 billion in federal stimulus money for highway
and local streets, and Caltrans is advertising projects for contractors, including
small businesses.

I am Tim Johnson and this has been the California Business Minute.