Did you know that the U.S. Small Business Administration (SBA) offers guaranteed surety bonds to help small businesses in construction, supply, and service sectors compete for contracts and subcontracts?
The Office of Surety Guarantees (OSG) has been opening growth opportunities for these businesses for 50 years. Established in 1970 by the Housing and Urban Development Act, the Surety Bond Guarantee (SBG) Program began by guaranteeing seven final bonds worth about $315,000. By Fiscal Year 2019, the program supported around 3,300 final contracts, totaling nearly $1.8 billion.
To celebrate the SBG program’s 50th anniversary, we’re hosting a virtual conference this month. We invite small businesses in the relevant sectors and members of the surety bond industry to join us for a free online event on September 24th and 25th.
The conference will cover topics such as the future of the surety bond industry, the SBA’s role, and practical tips for small businesses seeking surety bonds. The event will feature guest speakers from the surety bond industry, Marcus Lemonis from CNBC’s “The Profit,” and SBA’s Chief of Staff, William Manger.
Even if you can’t attend the conference, we encourage small business owners to explore the benefits of the SBG program. Surety bonds can help small businesses secure contracts by guaranteeing the completion of work.
SBA-guaranteed surety bonds are a great option for:
– Startups or businesses less than three years old
– Small businesses with credit challenges or those that prepare their own financial statements
– Small businesses that struggle to secure surety bonds through regular commercial channels
– Subcontractors looking to build their bonding credit as prime contractors
– Small businesses wanting to increase their current bonding limits
For eligible contracts under $400,000, the SBA’s QuickApp offers a streamlined process through an easy online application submitted to SBA-authorized agents, without the need to submit financials.
Are you interested in surety bonds? Register for our conference and learn more about the process.
