DOVER — The Delaware Division of Small Business and Office of Management and Budget has launched a Market Pressure Relief Fund designed to assist state contractors facing increased costs for construction materials due to the pandemic.
“While we have made significant strides against COVID-19 thanks to the availability of the vaccines, we know many of our state’s businesses continue to face financial challenges as a result of the pandemic, including many of the vendors who do business with the State of Delaware who were forced to acquire construction materials at significantly higher prices earlier this year,” Gov. John Carney said in a prepared statement. “We are hopeful this fund will provide some much-needed relief to our state contractors.”
The fund will provide adjustment reimbursements for non-transportation construction materials purchased from Jan. 1 through July 31. General contractors who have a contract with the state resulting from a formal procurement can apply for assistance from the fund.
“Throughout the pandemic, the Division of Small Business has looked for ways to help our small businesses recover financially by listening to their concerns and creating valuable solutions,” Division Director Jordan Schulties said in a prepared statement. “We are pleased to launch the Market Pressure Relief Fund with OMB to provide another tool our state contractors can use to help offset the increase in costs for construction materials experienced during the health crisis.”
Dean Stotler, director of Government Support Services at OMB, said the office has heard state contractors’ concerns about the increased cost.
“Working closely with the Division of Small Business, we were able to create this new fund to help take some of the burden off those businesses,” he continued. “I encourage contractors to take advantage of this opportunity and apply for assistance from the relief fund.”