The Minority Contractor Capital Access Program (MCCAP) is a collaboration between the Western Reserve Community Fund and the Akron Urban League.
What is MCCAP?
The Minority Contractor Capital Access Program (MCCAP) is a collaboration between the Western Reserve Community Fund and the Akron Urban League that provides financial and technical assistance to Akron and Summit County-based minority, women, LGBTQ+, Veteran and Disabled-owned businesses in the construction trades. Eligible businesses apply and are evaluated based on need, experience, and growth potential. Once accepted, those businesses are given the opportunity to apply for financial assistance in the form of short-term loans to pay for costs related to specific construction contracts. Participants are also connected to educational resources including training and certification programs that will help their business grow. The program is designed to support minority-owned and other disadvantaged construction businesses and provide them with the best opportunities for long-term success and stability.
MCCAP’s target market is disadvantaged start-up and small businesses in the contracting industry owned and operated by the following:
- Racial or Cultural Minority
- FINANCIAL ASSISTANCE (LOANS)
The Western Reserve Community Fund provides MCCAP participants access to short-term credit that can be used to pay for costs associated with a specific construction contract. When the participant receives a contract, they can borrow funds to pay for the costs of labor and materials on the job. MCCAP participants can also finance a bond premium, if one is required for a contract.
These low-cost short-term loans are repaid as the contractor is paid for work performed on the job. This short-term financing can help a construction business scale up and manage the cash flow challenges of the construction draw process.
- Technical Assistance, Targeted Training, and Mentorship
MCCAP participants receive access to technical assistance, targeted training, and mentorship (coordinated through the Akron Urban League) that build the business skills need to grow and thrive in the construction trades. MCCAP participants can receive help with bidding and estimating, project management, government contracting, compliance, and other key areas for businesses in the construction industry. MCCAP participants can also receive assistance with general business practices such as bookkeeping, marketing, human resources, and certifications, among others.
MCCAP also helps participants grow their business by connecting them with new opportunities to bid on contracts.
- ELIGIBLE CONTRACTING BUSINESS INDUSTRIES INCLUDE
- General Construction
- Road Construction/Concrete
- Interior Systems
- Fire Protection
- Construction Transportation
- Construction Distribution
Initial MCCAP Participation Criteria
- Principal place of business located in Akron/Summit County.
- Be registered to do business in the State of Ohio and recognized by the IRS as one of the following: a 501(c)(3) charitable organization, a sole proprietorship, partnership, corporation (both S and C), limited liability company, limited partnership, or limited liability partnership.
- Must be privately held.
- Must not be in receivership or bankruptcy.
- Must not be involved in any pending litigation.
- Must be current on all Summit County municipal and Joint Economic Development District income tax obligations, Summit County property tax obligations and have no federal or State tax liens of any nature.
- Must be at least 51% owned by one or more individuals who identify as a racial or cultural minority, woman, LGBTQ, veteran, or disabled, as recognized by State, federal or local statute or ordinance.
- Must have completed, or be willing to work towards completion of a recommended/accredited program designed to teach disadvantaged contractors the basics of the business of operating a business.
- Must possess and maintain all necessary licenses required by the State of Ohio for the Minority Contractor’s industry.
- Must maintain and provide proof of Workers’ Compensation Insurance through the Ohio Bureau of Workers’ compensation and must also maintain and provide proof of general commercial liability insurance.
- Must demonstrate a financial need.
- Must demonstrate a commitment to follow through with any additional requirements and documentation requests MCCAP deems necessary; including, but not limited to, adhering to guidelines associated with Community Development Block Grant (CDBG) funds such as:
- Have or apply for and obtain a DUNS number and CAGE Code.
- Register as a Section 3 Contractor with the Department of Housing and Urban Development.
- Be located in a low to moderate census tract, or create or retain jobs for low to moderate income individuals as deemed appropriate for use of CDBG funds.