CONTRACTOR SUCCESS STORY : GLOBAL ELECTRIC
Providing employees with appropriate training and support is one of the keystones of Global Electric ’ s success .
In addition to being able to successfully win that contract , valued at over $ 3 million , William gained some important business skills along the way and later received assistance to increase his bonding capacity . As he notes , “ I learned about the required funds control for Metro projects and the CDBP provided a reimbursement to have a Certified Public Accountant ( CPA ) compile and prepare my financial records for the bonding company ’ s review . The Program ’ s CPA subsidy and collateral assistance helped us get our records in order , enabling us to secure the necessary bonding .” In the past four years , the CDBP has assisted William in increasing his bonding capacity from an initial amount of $ 1 million to now $ 7.5 million single occurrence and $ 15 million aggregate , which has enabled Global Electric to take on significantly larger projects . “ We ’ ve gotten a lot of support from the CDBP staff and couldn ’ t have done it otherwise ,” he summarizes .
William was also one of the first CDBPenrolled contractors to take advantage of the program ’ s Contract Financing Assistance Program ( CFAP ), which provides low-cost , short-term loans to help
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