Despite such success stories, the feeling is still strong at many minority- and women-owned firms that they are being shut out of business because of discrimination.

"However, we are a women-owned firm and would qualify for those issuers who want to include minority-owned underwriters in their syndicates."

Their decision came as they sought to increase opportunities for minority- or women-owned firms as advisers, lawyers and underwriters for the bonds.

Each year the Commission votes on contracting goals, which set the level of participation for minority- and women-owned firms on state contracts.

In 1987, the program was expanded to women-owned firms.

Therein lies another goal of the affirmative-action program: helping minority- and women-owned firms develop the experience and financial strength to get their own bonding.

In addition, during Thompson's tenure, assets managed by minority- and women-owned firms have increased from less than $2 billion to over $6 billion.

"It is time for minority and women-owned firms to break into that market," he said.

The annual spend with minority- and women-owned firms has exceeded $7.4 billion during the past decade.

In addition, the revenue for such women-owned firms grew 66 percent, compared with 42 percent over all.