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What is the SBA Bond Guarantee Program
The SBA (Small Business Administration) bond guarantee program was created to assist small businesses in obtaining supply, bid, performance, and payment bonds. Sometimes when you are just starting out, or you just have a smaller business model, it is harder to meet standard bonding requirements due to a lack of equity. The SBA Bond Guarantee Program allows specific surety bond companies to grant bonds to small business owners bidding for bigger jobs. These bonds ensure that the work on the project will be completed to the satisfaction of the obligee.
The SBA Bond Guarantee Program is one of the many specialty programs that The Surety Place can assist you with. With this program, we are able to offer bonds when others turn you down. If you are a small business owner looking to acquire a bid, performance, or payment, contact us today! Our team is dedicated to helping you find the answers you need and get the bonds required to help grow and secure your business. Our affiliation with the SBA Bond Guarantee Program, sets us apart from other sureties and agencies.
Get to know the SBA Bond Guarantee Program
When was the SBA Bond Guarantee Program CreatedThis specialty surety program was created by the SBA in 1968 after small business owners found it difficult to qualify for bonds needed for large projects. The government requires that both payment and performance bonds are required for any federal contract costing over $100,000. This prevented smaller contractors from being able to win bids for larger projects which in return made it hard for them to expand their company.
How Does the Program Help Small Businesses GrowJust because you are small, doesn't mean you aren't mighty. Most small business provide the same quality service that any large firm does, but because you don't have large financial backing, it can make it difficult to win bids on projects over $100,000. The SBA Bond Guarantee Program helps small businesses acquire the bonds they need in order to get access to bigger construction projects that will help them grow as a business.
How Does the SBA BGP Work?The SBA Bond Guarantee Program helps small business owners acquire surety bonds for local, state, federal, and commercial contracts in the area of construction, services, and supply. If you are a contractor planning on bidding on a public (and sometimes private) project that is over $100,000 you will need the help of the surety to acquire a performance and payment bond for the project. Depending on the scope of the contract, your surety bond premium will vary.
Request Your Bond Using Our Specialty ProgramBecause of our affiliation with the SBA Bond Guarantee Program, we say yes when others say no. Don't waste time trying to get a bond through another surety; we are proud to say that we accommodate small business owners who have been turned down by so many others. We make the bond request process as simple as possible for you because we know that your focus should be on running your company. We want to help you grow by providing the bonds you need!
Request Your SBA Bond!
Why Choose The Surety Place
When we founded The Surety Place in 2002, we had one goal in mind, to bring innovation and a high level of service the surety bond industry had yet to see. We have been an industry leader from the start; a people first company that you can trust, offering access to agents, specialty programs, and businesses to achieve the right solution at the right time.
A People First Company
What sets us apart from other sureties is that we establish a relationship with you in order to truly understand your business focus whether large or small, complicated or difficult. As small business owners we know how hard it can be to get started and grow your business. We are here to help alleviate some of those stresses by getting you the performance and payment bonds needed to bid on larger projects. Your needs as a business owner will be heard, and solutions will be found and implemented. As one of the only true specialists within the industry we supply access, partnerships, and specialty programs with numerous “A” rated sureties across the nation. The Surety Place is here to help you service all your customs bond needs with no appointments or contracts necessary.
Our industry knowledge and expertise coupled with our ever increasing specialty programs, give us the unique ability to write your bonds when no one else can. When you put your trust into our team of experts, you and your business will never be let down.
We set our standards high, which means we provide our clients with nothing but the best team. Our dedicated account managers are highly trained underwriters able to provide our agents and clients with a tailored bonding solution for their individual or corporate needs. Our team continues to educate themselves on the ever-changing surety bond industry and we promise that we are able to provide the information you need and answer any questions you may have. No matter the size of the bond or how complicated, Surety Place is built to find an answer. Poor credit, financial hardship, fast growth, or just getting your company off the ground? We have options for you too.