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LA Metro rolls out bonding assistance program
Published on 03/19/2018

The Los Angeles County Metropolitan Transportation Authority (Metro) recently initiated the Contractor Development and Bonding Program, a one-year pilot program with funding of $1.3 million, which will help Metro-certified small businesses (SBEs), disadvantaged businesses (DBEs), and disabled veteran-owned businesses (DVBEs) receive sufficient bonding for them to perform work on Metro contracts.

The bonding will be available on all Metro construction contracts that involve bonding, and will be available to SBEs, DBEs, and DVBEs whether they are working as a prime contractor or as a subcontractor.

The measure creating the pilot program comes after many businesses expressed that they were both willing and able to perform work on Metro construction contracts and that the bonding requirements on such projects were the main obstacle to their participation, due to strict or out-of-reach financial requirements on bonding from issuing institutions.

The companies participating in the new pilot program, will, however, still be subject to an assessment on their creditworthiness by Merriwether & Williams Insurance Services (MWIS), the firm administering the bond program.

Further information on services available through the bonding program - which include workshops and various forms of assistance as well as bonding - as well as contact information for those interested in participating, is available at MWIS's page on the program at http://imwis.com/services/contractor-bonding-development-programs/los-angeles/.

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