Contract surety bonds are often required as part of the agreement between the contractors and the project owner for construction projects. These can be required for both public and private construction projects. As a small business, these contract bond requirements can be difficult to meet due to the prerequisites of contract bonds, that’s where the Small Business Administration offers support.
The SBA offers a Surety Bond Guarantee Program that provides a safety net for surety companies to extend bonding to small businesses. Under this program, the SBA guarantees a certain percentage of the bond amount to the surety company, reducing the risk a surety company takes by issuing a bond to small businesses that meet the program's eligibility criteria. This guarantee enables small and emerging contractors to bid on projects they otherwise might not be able to, by enhancing their bond capacity.
To qualify for the SBA Surety Bond Guarantee Program, your business must meet certain criteria, including but not limited to:
Small and emerging contractors can achieve their full potential by leveraging the SBA's Surety Bond Guarantee Program. Our dedicated team understands the unique challenges you face in securing bonds for your projects.
We can guide you through the SBA's program, ensuring you have the support and resources necessary to bid with confidence and grow your business.
Don't let bonding requirements hold you back from pursuing opportunities that can help you grow your business. Contact BOSS Bonds today.
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