WASHINGTON, Nov. 7, 2017 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration announced today its most active surety companies and agencies for fiscal year (FY) 2017, which contributed to increases in the Surety Bond Guarantee (SBG) Program's activity.
"FY2017 yielded impressive numbers that would not have been possible without our top performing surety partners and bond agencies," said Peter Gibbs, Acting Director for the Office of Surety Guarantees. "The SBA is very pleased with the results that we have seen, and the tremendous impact made on small businesses by not only contributing to the economy, but also by creating economic opportunities for other Americans."
The SBA's Surety Bond Guarantee Program provides surety bond guarantees for small businesses on federal, state, local and private projects. Commercial construction, service and supply contracts and subcontracts are eligible as long as the contract requires a surety bond. The SBA guarantees surety bonds in direct partnership with surety companies and their agents.
In FY2017, the SBA's guaranteed bid and final bonds were more than $6.0 billion in total contract value. With the work of the SBA's top performing surety partners and bond agencies, over 1,600 small businesses were assisted and over 26,000 jobs were supported.
The top performing surety partners for FY2017 are:
- Tokio Marine/HCC
- Travelers Casualty and Surety Co. of America
- Navigators Insurance Company
- Contractors Bonding & Insurance Co.
- Amtrust Companies
- The Guarantee Company of North America
- Suretec Insurance Co.
- Westchester Fire Insurance Co.
- The Cincinnati Insurance Co.
- CNA: Western Surety Co.
The top performing bond agencies in FY2017 follow:
- CCI Surety, Inc.
- KOG International, Inc.
- Nielson, Hoover and Company
- Preferred Bonding Services
- The Fedeli Group
- Valley Surety Insurance Agency
- Pinnacle Surety & Insurance Services, Inc.
- Bond Specialist Insurance dba Marcia Smith Surety Insurance
- Construction Bonds, Inc.
- Thomas Sauer Bond Agency
The standing of each surety partner and agent was determined by the number of bonds they wrote through the SBG Program. 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 contractors by guaranteeing bid, 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 QuickApps for contracts up to $400,000 with limited paperwork that is approved within hours.
Release Number: 17-69
SOURCE U.S. Small Business Administration