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Tuesday, August 27, 2013
California high-speed project is 'good news' for Central Valley firms, foundation says
The California high-speed rail project is expected to result in $560 billion in revenue for certified companies during the project's first and second phases, according to a foundation that advocates for minority-, women- and disabled-veteran-owned businesses.
While the project's potential economic impact on area businesses is good news, it also translates into a "tremendous need" for project leadership to work with companies based in California's Central Valley, said Reynaldo Arellano, president of the Economic Empowerment Fund (EEF).
"Companies interested in contracting with the project will be required to be certified to bid on any contracts," he said in a press release. "For companies new to the certification process, it can appear to be an intimidating and stressful process for business owners. Individuals who have gone through the process can attest to the fact that it is worth the effort."
One free online tool that businesses can use to help them get started in the certification process is procurementvault.com, according to EEF.
The high-speed rail project is expected to generate $140 billion in revenue during the first phase and more than $420 billion in the second phase in such sectors as construction, professional services, food and beverage, and manufacturing, says Arellano.
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