Contract Award and Management Training Academy
CDABP TRAININGS
Robert Lowery , MWIS field support project executive , said , “ The seminar helped contractors understand the loan application process and the necessary documents , such as a financial statement , work-in-progress spreadsheet , and a sample cash flow projection .”
The cash flow projection was explained as the basis for determining what contractor ’ s existing cash resources are , the cash required to carry out a project , how much of a CFAP loan , if any , they may need to fund the work , the projected income on the project , and their ending cash position .
The goal of the presentation , from financial statement reporting through work-in-progress to cash flow projection , was to help small construction contractors understand the importance of knowing just what their financial position is at the point of starting a project / preconstruction , during construction , post-construction , and to have the information they need to manage a project to successful completion .
Jennifer Whelan , senior loan counselor for business with the Pacific Asian Consortium in Employment ( PACE ), a CFAP partner , said , “ We encourage contractors to get prequalified to be loan-ready when the next contract is awarded . Go and get prequalified as early as you can .”
“ We encourage contractors to get prequalified to be loanready when the next contract is awarded . Go and get prequalified as early as you can .”
– Jennifer Whelan , Senior Loan Counselor , Pacific Asian Consortium in Employment
Contract Award and Management Training Academy
Merriwether & Williams Insurance Services ( MWIS ) hosted a six-week “ Contract Award and Management Training Academy ” that was designed to help small , local , and diverse contractors develop and improve their skills in performing work on construction contracts awarded to them by the City of Los Angeles , the County of Los Angeles , or Los Angeles Metro . The academy , which started on September 19 and ended in late October 2023 , is a component of the Los Angeles Regional Contractor Development and Bonding Program ( CDABP ), which MWIS administers for the above-mentioned three entities .
SPRING 2024 LA CONTRACTOR CONNECTION - 23