(function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','https://www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-99108651-1', 'auto'); ga('send', 'pageview'); surety bonds Skip to main content

5 Truths To Outlast The Coronavirus Outbreak | Joseph Prince

<iframe width="480" height="270" src="https://www.youtube.com/embed/0_a-ffZoDsg?clip=
Post a Comment

surety bonds

2017 Hurricane Recovery: Get information about disaster assistance, or find out how you can help.
Close
Handshake

Surety bonds

The Small Business Administration (SBA) guarantees bid, performance, and payment surety bonds issued by certain surety companies.

The SBA guarantees surety bonds

Surety bonds help small businesses win contracts by providing the customer with a guarantee that the work will be completed. Many public and private contracts require surety bonds, which are offered by surety companies. The SBA guarantees surety bonds for certain surety companies, which allows the companies to offer surety bonds to small businesses that might not meet the criteria for other sureties.

How the SBA Surety Bond Program works

Businessman and contract
Surety bonds are requested
Some contracts require that the business doing the work be properly bonded.
Business and contract
Surety partners with business
Authorized surety companies provide surety bonds to businesses that meet their qualifications.
Contract
The SBA guarantees
The SBA guarantees surety bonds for private surety companies, so more small businesses can qualify.
Handshake
Small businesses benefit
Small businesses get SBA-guaranteed surety bonds so they can get to work.

Contract or commercial bonds

Depending on the the type of work, a business may be required to obtain a contract bond or a commercial bond.

The right surety bond for the project

Some contracts require surety bonds that cover specific situations. The SBA guarantees surety bonds that cover several major categories of work.
Gavel
Bid
Ensures full payment and performance bonding from the contract bidder.
Cash in hand
Payment
Ensures full payment to the suppliers and subcontractors.
Checklist and magnifying glass
Performance
Ensures full completion of a contract by small business.
Wrench and gears
Ancillary
Ensures completion of requirements outside of performance or payment, such as maintenance.

Bond Guarantee Fee

All performance and payment bond guarantees require small businesses to pay the SBA a fee of .729% of the contract price. If for some reason the bond is cancelled or not issued, the SBA will return the guarantee fee. The SBA does not charge a fee for bid bond guarantees.

Eligibility

Determine your small business’s level of eligibility before obtaining a surety bond. Does your business meet the following requirements?
Storefront
Be a small business
Qualify as a small business according to the SBA’s size standards.
Contract
Have a small contract
Up to $6.5 million for non-federal contracts and up to $10 million for federal contracts.
Checklist
Pass evaluation
Meet the surety company’s credit, capacity, and character requirements.

Contact a surety bond agency

Check the database of surety agencies that offer SBA-guranteed bonds. Contact a surety agency in your state to get started with the application process.
Select...
dropdown arrow

Accredited Surety Agency LLC

610-849-0772

Acrisure, LLC dba Smith Manus

502-238-1228

Agents of Insurance

605-348-7788

Alamo Surety Bonds

210-930-5550

Allstar Surety Company, Inc.

303-694-4404

Alter Surety Group, Inc.

305-517-3798

American Surety Bonds Agency, LLC

404-486-2355

Anglo-Puerto Rican Insurance Corporation

787-474-4900

Assurance Brokers, LTD

618-692-9800
Showing  1  - 9  of  135

Need help? Get free business counseling.

Comments

Post a Comment

Popular posts from this blog

Buy Assests and Equipment

https://www.sba.gov/business-guide/manage-your-business/buy-assets-and-equipment Buy assets and equipment Your business will need special assets and equipment to succeed. Figure out which assets you need, how to pay for them, and whether you should buy government surplus. Content Know the assets and equipment you need Decide to lease or buy Consider buying government surplus Know the assets and equipment you need Business assets fall into three broad categories: tangible, intangible, and intellectual property. Depending on the asset type, you’ll have to decide whether you want to buy or lease assets for your business. The first step is figuring out which assets will help your business succeed. Tangible assets — like buildings, vehicles, and equipment — are used for regular business activity and lose value over time. Things like printer paper, which get used up, typically don’t get counted as assets. Count tangible assets on your  balance she...
Post a Comment
Read more

expand to new locations

https://www.sba.gov/business-guide/grow-your-business/expand-new-locations Expand to new locations Once you’re ready to expand, update the marketing plan and confirm that your business is financially prepared. Then, make sure to comply with all laws, rules, and regulations in the new business locations. Content Prepare for a new market Legal steps to expand your business Franchising Prepare for a new market First, update your  marketing plan  with your new location in mind. Think about your target customer, sales plan, and competitive advantage. Add up any additional marketing and sales costs. Make sure your updated marketing plan is just as thorough as your initial plan. Compare your business to the competition, learn about the local market, and get a sense of the advertising market with  SizeUp . Next, review your  business finances . Build a forecast that projects estimated costs and estimated revenue for your new locat...
Post a Comment
Read more
Register your business Register your business to make it a distinct legal entity. How and where you need to register depends on your business structure and business location. Content Find out if you need to register your business Register with federal agencies Register with state agencies Register with local agencies Stay up to date with registration requirements Find out if you need to register your business Your location and business structure determine how you’ll need to register your business. Determine those factors first, and registration becomes very straightforward. For most small businesses, registering your business is as simple as registering your  business name  with state and local governments. In some cases, you don’t need to register at all. If you conduct business as yourself using your legal name, you won’t need to register anywhere. But remember, if you don’t register your business, you could miss out on personal l...
Post a Comment
Read more