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What is the SBA Surety Bond Guarantee Program?

SBA Bond Guarantee Program

The SBA Surety Bond Guarantee program provides a way for small businesses to get assistance with acquiring surety bonds. The U.S. Small Business Administration created the SBA bond guarantee program to help emerging businesses get the surety bonds they need to compete in the marketplace, which in turn can help strengthen the national economy.

This program assists small businesses in acquiring surety bonds when they otherwise would not be able to, by proving financial guarantees to surety bond providers. Utilizing the SBA Suerty Bond Guarantee program is similar to the standard bonding process, however there are some additional requirements for SBA contract approval, which we will explore below.

What is the SBA Surety Bond Guarantee Program?

The SBA Surety Bond Guarantee program (SBG) covers bid, performance and payment bonds for contractors that meet the requirements to be considered a Small Business by Federal financial guidelines. As such, commercial bonds such as license and permit bonds are not covered. This SBA SBG program has been helping businesses for over fifty years.

How Much is the SBA Guarantee Fee?

The SBA Contractor fee is a flat fee of 0.6% of the required bond amount. This fee was recently reduced from 0.729%. The 0.6% fee took affect on October 1st 2018 and is intended to last until September 30th 2019.

What are the Requirements for the SBA Program?

The SBA has certain criteria that have to be met in order to qualify for the surety bond guarantee program. These requirements include:

  • Small business classification. Your business has to be considered small by the SBA in order to qualify for assistance. In order to determine whether you are eligible, you can use the SBA’s Size Standards Tool.
  • Limited contract size. Your contract has to be under $6.5 million for non-federal contracts and up to $10 million for federal contracts. The SBA has a QuickApp program with a single bond limit of $400K with NO aggregate limits and no financial requirements.
  • Credit, capacity and character. The SBA only qualifies businesses who meet their underwriting standards and are determined to be capable of getting the job done right.

The SBA Surety Bond Process

The first step to acquiring a surety bond is to work with a qualified surety bond agent such as Viking Bond Service. These surety bond agents will first make an effort to place bonds outside of the SBA’s program. However, if it is found that utilizing the SBA surety guarantee is necessary for the bond to be approved, the agent will move forward with the SBA bond application process. Your surety expert can then guide you through the process of getting SBA bond approval.

The SBA program application process is more in-depth than the usual performance bond application process, as there is an additional layer of scrutiny conducted by the SBA for your bond request. The SBA is strict with their requirements, time frames and deadlines, so it’s imperative that you work with a qualified surety provider such as Viking Bond Service to make sure the process progresses smoothly. It’s also worth keeping in mind that your fee due to the SBA is due upfront, prior to obtaining the final bond.

Your Source for SBA Backed Surety Bonds

Viking Bond Service has the expertise and the experience to get your small business the surety bonds it needs, whether SBA approval is required or not. We’re committed to providing a superior level of service that helps drive confidence in your business. Give us a call at 1-888-278-7389 or fill the contact form on this page to have one of our agents contact you.

Request a SBA backed Contract Bond Quote:

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