Contract Financing Assistance Seminar
CDABP / MWIS TRAININGS
Contract Financing Assistance Seminar
On August 14 and 15 , 2023 , Merriwether & Williams Insurance Services ( MWIS ) hosted a two-day seminar on its Contract Financing Assistance Program ( CFAP ), a component of the Los Angeles Regional Contractor Development and Bonding Program ( CDABP ), which MWIS administers for the City of Los Angeles , LA Metro , and the County of Los Angeles .
One of the most significant barriers to small , local , and diverse contractors ’ participation in public agency projects is the cash flow delay between when work begins and when contractors get paid . The seminar , which is offered quarterly , addressed this cash flow issue and explained how contractors can navigate and gain access to capital through the CFAP .
MWIS staff provided an overview of the CFAP and helped contractors not only understand the value of obtaining cash flow but also the skills and tools that they will gain through the process . The CFAP process flow , shown in the graphic below , was explained to attendees .
PROCESS FLOW
Contractor Development and Bonding Program Assessment
Work with CFAP on Pre-approval for Bidding -- Cash Flow Preliminary
Bid and Win
Final Approval -- Final Cash Flow
Loan Funding Through TPFA and Repayment Through Progress Payments
INSURANCE SERVICES
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