Explore Surety Bonding Coast to Coast

Small Business Administration (SBA) sent this bulletin at 08/17/2021 08:27 AM EDT

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8/25 Find out how the SBA can help you win and secure your next contract!

Join us Wednesday, August 25th from 11:00AM to 12:30PM EST.   Hear from a panel of successful small businesses, resource providers and experts that will provide insights on how to master the government contracting process.

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SMALL BUSINESS PANEL:

  • Dwight Belyue, DCR Services and Construction Inc.
  • Lilian Radke, Unic Pro, Inc
  • Abraham Gonzalez, One Way Development, Inc.

SURETY PARTNERS PANEL:

  • Tamara E. Murray, SBA Underwriting Marketing Specialist (Moderator)
  • Devin Moore, President, Moore Surety Bonds Agency
  • Ed Mulcahy, Surety Bond Professional, Tonry Insurance Group, Inc.
  • Beth A. Cryderman Moss, CFCM, GWCCM, PTACs of Michigan
  • Stanley T. Grip Jr., MSBDC Procurement Specialist

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

 

how surety bonds 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 SBA guarantees contract bonds, but doesn’t guarantee commercial bonds. Contract bonds ensure the terms of a specific contract are fulfilled. Commercial bonds ensure all applicable laws and regulations are followed. Government agencies require certain companies or individuals to obtain commercial bonds, which protect the general public against things like fraud.

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.

the right surety bond

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For more on SBA programs for the coronavirus, please visit www.sba.gov/relief.

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All SBA programs and services are extended to the public on a nondiscriminatory basis. This article does not constitute or imply an endorsement by SBA of any opinions, products, or services of any private individual or entity.