FOR IMMEDIATE RELEASE: Oct. 31, 2016
The City of Kansas City, Missouri, Lead Bank and The Cornerstone Companies are making it easier for small businesses to bid on city jobs and obtain financing, bonding and insurance by creating the “For Change Initiative,” a program designed to streamline the application process for small contractors.
Cornerstone, a full-service risk management group, rounds out the collaborative, which began last December when Lead Bank and the City became strategic partners at the Kansas City Government Contracting & Procurement Forum. Lead Bank has long been a financial leader in supporting small businesses. This program will help provide loans to small business owners who have City contracts. The process will move even faster with Cornerstone on board to provide bonding and insurance at reduced fees.
A ceremonial signing to celebrate Cornerstone’s addition to the partnership took place downtown today at Lead Bank.
“We are excited to be added as a part of such a talented team with the one common goal of enhancing what already is a strong small business community. Having a project owner, a lender, and a bonding company team up to provide one consistent voice is certainly unique and will only go to improve our already great city,” says Casey Parisoff, Managing Member of Cornerstone Companies.
“To compete for city contracts, a contractor needs surety or performance bonds but to secure the bond the contractor needs cash flow from a contract. It’s a common catch 22,’’ said Lead Bank Vice Chairman Josh Rowland. “Lead Bank and the City developed the “For Change Initiative” Program to ease the burden on local contractors and to ultimately advance our small business community. Now, with the inclusion of Cornerstone, we can proudly say we’ve eliminated this catch 22 that traps growing small businesses.”
The For Change Initiative provides:
- Streamlined application process
- Lower costs than standard market
- Reduced underwriting requirements
- Preapproval of bond & borrowing ability
“We firmly believe the City benefits if we can offer an easier process to help small businesses reduce their expenses and create new job opportunities which will help improve the overall quality of life in Kansas City,” said Phillip Yelder, Human Relations Director of the City of KCMO. “Additionally, this collaboration creates a tremendous opportunity for small businesses to net a sizable share of the more than $1 billion worth of work currently flowing through the City and statutory agencies.”
About Lead Bank
For more than 85 years, Lead Bank has remained a strong independent commercial bank dedicated to delivering smart financial solutions for business owners, managers and their families and communities. With locations in Garden City, Lee’s Summit and now the Kansas City Crossroads, Lead Bank continues to provide treasury management, lending services, and personal client products. Lead Bank also offers advisory services to companies from bookkeeping to business brokerage services through its division, Lead Business Advisors. The new flagship location in Kansas City’s dynamic KC Crossroads District introduces clients to a new “era of banking.” For additional information, call 816-220-8600.
About The Cornerstone Companies
Cornerstone Companies is a results-driven; Risk Management, Surety Bond, and Employee Benefits consulting firm. Cornerstone focuses on implementing strategies to positively impact the clients’ bottom line. Businesses and industries evolve, and Cornerstone is committed to evolving with the industry in which the client serves. Whether it be Construction, Manufacturing, Property Management, Development, Distribution, Trucking, Agriculture or Energy, Cornerstone willingly faces the challenges head on and provides the tailored made solution for success. The Cornerstone Company tag line says it all, “Our Company is only successful when the client is successful, and we are proud to be untraditional in a traditional marketplace”.
For more information on the For Change Initiative, contact: