Surety Support Services, Inc. has provided bonds through the Small Business Administration Surety Bond Guarantee Program since 1979. Many large contractors today got their first bonds in the SBA through Surety Support Services, Inc. We have a long history of graduating contractors from the SBA Bond Guarantee Program to Standard Programs.
SBA QuickApp for Bonds Up to $400,000
- No financial statement, WIP or bank letter required
- Easy qualification for first time bonding
- No aggregate limit
- Approval within hours
SBA Standard Application for Bonds up to $6.5 Million
(Up to $10 Million on Federal Prime Contracts with Contracting Officer Certification)
- Standard bond file is required
- Unused bank lines of credit are considered working capital in the SBA, strengthening a contractor’s financial position and increasing bonding capacity. Please contact us to discuss how establishing or increasing your BLOC can help with your bonding
What is the SBA Bond Guarantee Program?
The U.S. Small Business Administration’s (SBA) Surety Bond Guarantee (SBG) program can guarantee bid, performance and payment bonds for individual contracts up to $10 Million.
The SBA guarantees bonds issued by surety companies and reimburses the surety a percentage of loss if the contractor defaults. This government guarantee allows sureties to write bonds for contractors who do not otherwise meet their minimum standards – thus providing small contractors with increased contracting opportunities.
The SBA Bond Program benefits small and emerging contractors who have the knowledge and skills necessary for success but lack the combination of experience and financial strength to obtain surety bonds through the standard surety markets. The SBA also benefits established contractors who have fallen on hard times due to the economy, lower than normal volume, competition in a tough construction marketplace, etc.
Who is Eligible?
Use the Size Standards Tool to determine if your business is considered a “small business” and eligible for SBA Bond Assistance *Other eligibility requirements apply*
What’s the Cost of an SBA Bond?
Bid Bonds – No Fee
Performance & Payment Bonds – 0.6% of the Contract Amount paid directly to the SBA via www.pay.gov (prior to SBA approval). *In addition to the surety bond premium*
How long does it take?
The process to get a contractor setup and bond(s) approved in the SBA can range from hours to a few days. We encourage first time contractors to give as much advance notice as possible to ensure SBA approval. Bonds are approved on a case-by-case basis. While a specific bond need is needed in-order to submit an account to the SBA, it’s never too early to allow us to help you get started qualifying for SBA assistance.
SBA Bond Guarantee Program FAQ
Please Note: The SBA bond program is run through the Federal Government and subject to Federal holidays and government shutdowns. Strict Federal paperwork and eligibility requirements apply.
Please Contact Us to discuss if the SBA is a good fit for you!