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Have questions or need assistance with the SBA Surety Bond Guarantee Program? Our team is here to help you navigate the process and secure the bonds you need for your business.
Overview of the SBA Surety Bond Guarantee Program
Empowering Small Businesses with Surety Bonds
The SBA Surety Bond Guarantee Program is designed to help small businesses secure the bonds they need to compete for larger contracts. By guaranteeing a portion of the bond, the SBA makes it easier for small businesses to obtain bid, performance, payment, and ancillary bonds. This program is a valuable resource for businesses looking to grow and take on new opportunities.
Frequently Asked Questions
Find answers to common questions about the SBA Surety Bond Guarantee Program below.
What is an SBA surety bond?
An SBA surety bond is a bond backed by the U.S. Small Business Administration. The SBA guarantees a significant portion of the bond to a surety company, facilitating access to bonding for small businesses.
Why would I need an SBA surety bond?
If you’re a small business struggling to obtain bonds through traditional surety markets, an SBA surety bond can help you bid on and secure larger contracts, thereby expanding your business opportunities.
What types of bonds does the SBA guarantee?
The SBA guarantees bid bonds, performance bonds, payment bonds, and ancillary bonds, covering the essential types of contract surety bonds required in various industries.
How much does an SBA surety bond cost?
The cost includes the surety company’s premium and the SBA fee. The SBA fee is $6 per $1,000 of the contract amount for the first $100,000, and $9 per $1,000 for amounts over $100,000. The surety company’s premium varies based on factors such as your credit score and financial strength.
How long does it take to get approved for an SBA surety bond?
For contracts up to $500,000 that qualify for the QuickApp program, approval can be obtained within hours. Larger or more complex applications may take several days to a few weeks.
What is the maximum contract amount for an SBA-guaranteed bond?
The SBA can guarantee bonds for contracts up to $6.5 million, or up to $10 million for federal contracts awarded under specific conditions.
Get in Touch
Phone
(800) 123-4567
Address
789 Business Ave, Suite 500, New York, NY 10001
Start Your Application Today
Take the first step towards securing your SBA-guaranteed bond by contacting an SBA-approved surety company or agent. Begin the application process now to unlock new opportunities for your business.