WASHINGTON, Jan. 22, 2020 /PRNewswire/ -- The U.S. Small Business Administration announced today its most active surety companies and agencies for fiscal year 2019, which contributed to increases in the Surety Bond Guarantee (SBG) Program's activity.
"The SBA is very fortunate to partner with sureties and agents with a shared vision of assisting small and emerging businesses," said Peter C. Gibbs, Director, SBA's Office of Surety Guarantees. "Every year I am amazed by the level of commitment from our partners to increase opportunities for the small business community."
The SBA's Surety Bond Guarantee Program, in direct partnership with surety companies and their agents, provides surety bond guarantees for small businesses on federal, state, local and private projects. Commercial construction, service and supply contracts and subcontracts are eligible if the contract requires a surety bond.
In FY 2019, the SBA's guaranteed bid and final bonds were more than $6.4 billion in total contract value. With the work of the SBA's top-performing surety partners and bond agencies, over 1,900 small businesses were assisted and over 30,000 jobs were supported.
The standing of each surety partner and agent was determined by the number of bond guarantees they wrote through the SBG Program.
The top-performing surety partners for FY 2019 are:
The top-performing bond agencies for FY 2019 are:
About the SBA's Office of Surety Guarantees
The mission of the SBA's Office of Surety Guarantees is to provide and manage surety bond guarantees for qualified small and emerging businesses in direct partnership with surety companies. The SBA helps small businesses by guaranteeing bids, performance, and payment bonds issued by participating surety companies for contracts up to $6.5 million. The SBA can guarantee a bond for a contract up to $10 million if a federal contracting officer certifies that SBA's guarantee is necessary for the small business to obtain bonding. The SBA also guarantees bonds under its QuickApp for contracts up to $400,000 with limited paperwork, providing approvals within hours.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality.
As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster.
It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
SOURCE U.S. Small Business Administration
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