The Surety & Fidelity Association of America (SFAA) and the Airport Minority Advisory Council (AMAC) announced a strategic alliance to increase diversity in the aviation sector of the construction industry by facilitating access to surety bonding opportunities and technical assistance for small and emerging contractors.
The partnership between SFAA and AMAC was developed from a mutual interest in ensuring that small contractors have the necessary resources to compete on aviation construction projects, since many small, emerging, and minority contractors face barriers in expansion due to an inability to obtain surety bonding.
“SFAA is extremely pleased to partner with AMAC, an organization of strong leaders whose main objective is to ensure that qualified and sustainable minority contractors have access to those tools, such as bonding, that not only protect but empower its membership to grow sustainable businesses,” said Joanne Brooks, vice president and counsel for The Surety & Fidelity Association of America.
“AMAC is excited about this strategic partnership with SFAA and the extensive resources that come with directly working with the surety industry. SFAA is doing a great job of demystifying surety and explaining how bonding can be used to build sustainable business, encourage economic development and job creation, and build legacy wealth. While bonding is often perceived as a burden, AMAC understands the vital role it plays in protecting our aviation projects, subcontractors, and suppliers. We know this partnership will not only provide access to education but more importantly result in creating bondable firms that can participate in the billions of dollars in the aviation industry for our members,” said Shelby Scales, president and CEO of AMAC.
As part of the partnering agreement, SFAA will work with AMAC to educate and prepare contractors for opportunities by providing connection to a network of qualified, licensed, and committed surety professionals in the various geographical areas in which the contractors are located. SFAA and AMAC also will collaborate to bring bonding education where major aviation construction projects are taking place.