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Supervisors hear plans to restore city’s small‑business bond guarantee pool; working group set
Summary
The committee held a hearing on the citywide bond‑guarantee program that helps local LBEs secure bid and performance bonds, heard multiple department and contractor testimonies about an inadequate guarantee pool, and asked staff to form a working group and return in roughly 45 days with funding options.
The committee held Item 12 on July 21 to examine the citywide bonding and financial assistance program administered by the Human Rights Commission, which guarantees bid and performance bonds for local and disadvantaged businesses. Chris Iglesias (Human Rights Commission) said the program has been successful in enabling local firms to bid on and win city contracts but currently lacks a sufficiently funded guarantee pool; as a result, multiple requests were recently denied for lack of encumberable funds.
City Administrator Ed Lee and…
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