Public sector work offers a way for construction contractors and trades to diversify their project mix and accelerate their growth. The challenge, however, is that these projects often come with bonding requirements – not only for GCs, but increasingly for their subs and trades as well.
What’s more, obtaining the necessary bonding may not be easy, particularly due to their liquidity requirements. Contractors, subs and trades often must have working capital of at least 5% of the job on hand plus another 10% in cash reserves or a solid credit line. With more projects requiring GCs and their subs to have bonding this can be a major stumbling block.
The Small Business Administration has a solution. Its Surety Bond Guarantee Program gives smaller contractors and subs having difficulty with liquidity requirements an alternative to apply for bonding. Over the years, the SBA’s Surety Bond Guarantee Program has opened the door for many small GCs and subs to bid on and participate in numerous public sector and larger private sector construction projects.
To find out if you can qualify for an SBA surety bond guarantee issued to a participating surety company, contact Unique Surety and Insurance Services. We’re an “admitted” surety agent in the SBA’s Surety Bond Guarantee Program and can help you and your subs navigate the process.
We've been underwriting for 40 years working with only the most reputable surety carriers nationwide.
We can get you the answers you need in a matter of minutes.
We offer sound business advice to help you build your bonded business.
(800) 321-1007
