WASHINGTON, Dec. 3, 2018 /PRNewswire/ -- The U.S. Small Business Administration announced today its most active surety companies and bond agencies for fiscal year (FY) 2018, which contributed to a 7% increase in total contract amount guaranteed in the Surety Bond Guarantee (SBG) program from the previous year.
"The significant growth experienced by the SBG program in FY 2018 is a direct result of the great partnership with our sureties and authorized agents. Small businesses are more competitive, are impacting the marketplace, and creating more jobs," said Peter C. Gibbs, Acting Director for the Office of Surety Guarantees.
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 FY 2018, the SBA's guaranteed bid and final bonds reached more than $6.5 billion in total contract value, up $500M from FY 2017. With the work of the SBA's top performing surety partners and bond agencies, over 1,800 small businesses were assisted and over 31,000 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 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 top performing surety partners for FY2018 are:
- American Contractors Indemnity Company – Md.
- Travelers Casualty & Surety Company – Conn.
- United States Surety Company – Md.
- United States Fire Insurance Company – Del.
- U. S. Specialty Insurance Company - TX
- SureTec Insurance Company - TX
- Contractors Bonding & Insurance Company – Ill.
- Navigators Insurance Company – N.Y.
- Developers Surety & Indemnity Company – Calif.
- The Guarantee Company of North America – Mich.
The top performing bond agencies for FY2018 are:
- CCI Surety, Inc. – Minn.
- KOG International, Inc. – Del.
- The Fedeli Group - OH
- Nielson, Hoover and Company – Fla.
- Preferred Bonding Services – Calif.
- Valley Surety Insurance Agency – Calif.
- Brunswick Companies - OH
- Pinnacle Surety & Insurance Services, Inc. – Calif.
- Surety Placement Services, LLC – Ariz.
- Construction Bonds, Inc. – Va.
The SBA guarantees surety bonds with surety companies and their agents by guaranteeing bids, performance, and payment bonds issued by participating surety companies for contracts up to $6.5 million and 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 of up to $400,000 with limited paperwork and provides approvals within hours.
For questions regarding the program, please visit the program website at www.sba.gov/osg or contact Peter Gibbs at firstname.lastname@example.org or (202) 205-6540.
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