Financial Assistance Program Launched to Help Contractors Access Capital
A financial assistance program has been launched in the Los Angeles region to help small and diverse construction contractors overcome one of the most common barriers to competing for municipal contracts : lack of access to capital .
The Contract Financing Assistance Program ( CFAP ) provides financing that can be used to meet construction contract funding requirements . This new program addresses the financing gap that affects many small and diverse construction contracting firms , which historically have been underserved by conventional lending institutions .
The CFAP is a component of the regional Contractor Development and Bonding Program ( CDABP ), which Merriwether & Williams Insurance Services ( MWIS ) administers . CFAP funding is provided by the PACE Finance Corporation and is applicable to contracts offered through the City of Los Angeles and the County of Los Angeles .
WINTER 2021 - SPRING 2022 LA CONTRACTOR CONNECTION - 11