Minority Contractor Capital Access Program
A collaborative initiative to provide financial and technical assistance to Akron and Summit County-based minority, women, LGBTQ+, Veteran and Disabled-owned contracting businesses.
What is MCCAP?
The Minority Contractor Capital Access Program (MCCAP) is a collaborative initiative to provide financial and technical assistance to Akron and Summit County-based minority, women, LGBTQ+, Veteran and Disabled-owned contracting businesses. Managed by Western Reserve Community Fund (WRCF) and the Akron Urban League, the program functions first through an enrollment process where eligible businesses apply and are evaluated 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, as well as given recommendations for educational resources including training and certification programs in order to support and provide minority contractors 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
Types of Financial Assistance (Loans):
- Capital for project-specific Purchase of Materials.
- Capital for project-specific Labor Costs.
- Provide access to capital for bid, performance, and payment bonds.
Types of Technical Assistance Include:
Accounting: participants will be offered 40 hours of training, consulting and professional advice and services.
Marketing: Assistance with creating a website and/or an online presence , help identifying customers, and support with creating a marketing plan/SWOT analysis.
Legal: All firms will have access to free and paid legal services provided by a variety of professionals and partners. ,
Eligible Contracting Business Industries Include:
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.