Leslie Richards, Southeastern Pennsylvania Transportation Authority (SEPTA) general manager and CEO, and Philadelphia Mayor Jim Kenney recently signed the Equity in Infrastructure Project pledge.
The project aims to improve public contracting practices by providing more opportunities for Historically Underutilized Businesses (HUBs) by creating more joint venture and equity contracting opportunities for these firms. The program aims to build generational wealth and reduce the racial wealth gap.
Signers of the pledge commit to working toward increasing the amount and type of financing available to HUBs; increasing the number, size, and proportion of contracting opportunities going to HUBs; increasing the number, size, and proportion of contracting opportunities going to HUBs as prime contractors; and streamlining the administration of contracting with HUBs to centralize certification, improve payment time, and standardize transparent data collection.
“Who we contract with has always mattered in our efforts to advance equity. At this moment, we have a once-in-a-lifetime opportunity to create generational wealth for small, minority, and women-owned firms in the infrastructure space,” Richards said. “SEPTA is not only committed, but we’re also excited to take this pledge.”
SEPTA is the only agency in Pennsylvania to sign the pledge. Four other agencies nationwide have signed it.