The Mc4West Finance Initiative
The Mc4West Finance Initiative is intended to address the barrier minority and women-owned firms face in accessing financial capital. This initiative expects to increase the capacity of local small MBE/WBE firms working on the project. Components of this initiative are described below.
Relaxed Bonding Requirements
Access to the project is not restricted by strict bonding requirements. First, Clark Construction Group (the lead Mc4West contractor) only requires bonds from its first tier subcontractors. Secondly, bonds are only required for subcontracts in excess of $100,000 and bonding costs are immediately reimbursed. Finally, staged bonding will be utilized where appropriate.
Un-bundling of Scopes
Appropriate sized trade packages have been broken out specifically for the local small MBE/WBE firms interested in participating on this project. Through increased M/WBE participation goals, Mc4West also ensures greater involvement from the M/WBE community.
Credit Enhancement Facility
Mc4West has deposited $1.5 million in Seaway National Bank who is now extending below market rate loans to subcontractors working on the McCormick Place West Expansion project. Contractors must apply directly with the bank by contacting George Ward, Vice President Business Development at 773-602-4153.
Prompt Pay
Payment procedures have been established that allow receipt of funds five days after approval of completed work and receipt of payment from the owner. These procedures flow down from Mc4West through first-tier subcontractors to their subcontractors and are available to all minority and women-owned firms.
Working Capital
Requests for mobilization funds are assessed on a case-by-case basis and interested awarded subcontractors should advise Mc4West personnel as soon as need is determined.
For further information on any component of the Mc4West Finance Initiative, please contact:
Stephanie Stephens
Corporate Connections Program Director
2222 South Indiana Avenue
Chicago, IL 60616
312/525-8934