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The Bond Specialist

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SBA BOND GUARANTEE PROGRAM

 

(For Contract Bonds up to $2,000,000.00)


For Contractors that have potential but don't quite qualify for either our standard market or small performance bond programs, we have access to the SBA Bond Guarantee Program.
We have found this program to be a tremendous help for :

  • Contractors looking for bonds for projects larger than their surety would allow. 
  • Contractors that have "not perfect" credit. 
  • Contractors that do not have the quality financial statements that the surety requires for the job. 
  • Contractors where the owner has the experience from having worked for someone else, but his   present company has not performed the same size work.

Please Provide The Following Documents Upon Submission:

 

  1. FINANCIAL STATEMENTS: (All financial statements must be signed.)
    Current Financial Statement for the company-fiscal year end, six month interim, or quarterly report, whichever is most current.
  2. Fiscal year end reports or tax returns for the last three years.
  3. If applicable, the last three fiscal year ends on any other business in which any owner has 20% or more ownership.
  4. Current Personal Financial Statements for each owner.
  5. Aged receivable and payable schedules prepared as of the last Financial Statement Date may also increase the program that would be allowed.
  6. In addition, you will need to complete the following forms included in our SBA Market Program Kit:
  7. Application/ Questionnaire for Contract Bonding**
  8. A completed and Signed Schedule of Uncompleted Work **
  9. Bond Request Form (If final bond, please provide a copy of the contract.)
  10. Resume of Experience for each owner, partner, or stockholder, and key employees, if applicable.
  11.  Bank  Letter
  12.  Completed Business Plan Form
  13.  A SBA Form 912  Statement of Personal History Form and SBA Form 994 Application for Surety Bond Guarantee Assistance, signed by the company, each owner, partner, or stockholder (owning 20% or more), and each corporate officer and director, and the spouses of each.
  14.  THE COMPANY AND ALL OWNERS AND SPOUSES MUST SIGN A GENERAL INDEMNITY AGREEMENT

          ** Substitute forms from other recognized surety companies will be accepted.


PREMIUM RATES AND FEES
In general, 1.8. - 2.% premium plus a fee to the SBA of .729% of the contract amount. The premium rate is determined by the filed rate for the Surety Company.