SBA Surety Program
The SBA provides surety bond guarantees for small contractors so they can obtain bid, performance, and payment bonds that they might not otherwise qualify for. The program was established in 1972 to help businesses who have the knowledge and skills necessary to compete, but lack the experience and financial strength to obtain bonds through regular channels.
Low working capital requirements
With the SBA program, you have bonding capacity up to 20 times your total available working capital. Even better, any unused bank line of credit you have counts towards your working capital. This allows you to leverage your financial resources, and compete for larger projects.
Simplified financial reporting
Internally generated financials are acceptable. For jobs up to $400,000, a QuickApp provides simple reporting and fast approvals. As projects get larger there is additional reporting, but it is generally less than for traditional surety bonding.
Projects don’t have to be that small
Projects up to $6.5 million are eligible, with up to $10 million for federal prime contracts.
We’ll guide you through the process
Although the SBA program offers simpler and more friendly financial reporting than traditional surety bonds, the requirements vary with the size and type of project, and they can be a little confusing if you aren’t familiar with bond underwriting procedures.
The bond specialists at the Blaise group will guide you through the process, help you assemble the required documentation, and assist you in keeping up to date with ongoing financial reports required during the life of the bond.
Contact us now, and we’ll be glad to help
If you think SBA bonding may be right for your needs, contact an SBA specialist at the Blaise Group at (914) 667-7700.