The USA Small Business Administration announced its highly active surety agencies and companies for the fiscal year 2022. The SBA Surety Bond Guarantee Program enables small businesses to receive crucial backing to compete for major state, federal and local contracts.
This privilege is given to small businesses operating in historically underserved communities. This program, in 2022, will facilitate more than $2 billion in awarding contracts. It will further contribute to domestic economies by creating more than 3000 jobs.
This small business administration and programs also ensures maximum contracting opportunities are provided to the small businesses of the USA. It is done through historic initiatives like President Biden’s Infrastructure Investment and Jobs Act. It is crucial to empower small business owners and help them step into the mainstream competition.
Experts also say this program is an essential tool for the Biden-Harris administration. It will encourage maximum small business participation in government contracts. This process will also enhance small business contracting. It is a win-win situation for small businesses and the USA’s economy.
In the fiscal year 2022, the SBA guaranteed final bonds and bids totaling over $6.3 billion in contract value. The good news is that more than 1,600 small businesses got financial assistance from this revolutionary program. Moreover, over 62% of guarantees, out of $2 billion bonded contracts, were given through the program to underprivileged and minority small business owners.
The Top Performing Surety Company Partners for FY 2022
- American Contractors Indemnity Company, CA
- United States Fire Insurance Company, PA
- U. S. Specialty Insurance Company, CA
- Markel Insurance Company, TX
- Merchants National Bonding, Inc., Iowa
- Travelers Casualty & Surety Company, CT
- Gray Insurance Company, LA
- Contractors Bonding and Insurance Company, WA
- Ohio Casualty Insurance Company, PA
- West Bend Mutual Insurance Company, WI
The top Performing Bonding Agencies for FY 2022
- CCI Surety, Inc., MN
- Nielson, Hoover and Company, FL
- KOG International, Inc., PA
- Preferred Bonding & Insurance Services, CA
- Valley Surety Insurance Agency, CA
- The Fedeli Group, OH
- Allstar Surety Company, Inc., NC
- Capstone Brokerage, Inc., NV
- R. A. Brunson, Inc., LA
- The Bond Exchange & Insurance Agency, CA
Please note that the position of each bonding agency and surety partner was decided by the total number of bond guarantees they have through the Surety Bond Guarantee Program. The main motive of the SBA’s Office of surety guarantees is to offer and manage various surety bond guarantees for emerging and small businesses in partnership with their companies and agents.
The SBA also helps small businesses by guaranteeing performance, bid, and payment bonds. These bonds are up to $6.5 million and are issued by surety companies for contracts and subcontracts. It can also issue guarantee bonds for federal government contracts for up to a value of $10 million. Small businesses that want to avail of the benefits of this program should get in touch with authorized officials for more details. so, implement the ways to boost your small businesses financial health and move forward.
Linda Rawson, who is the founder of DynaGrace Enterprises (dynagrace.com), an 8(a) graduate and EDWOSB, contributed to the content of this blog. She is the founder of GovCon-Biz. For further information, please connect with Linda on LinkedIn, or contact her at (800) 676-0058 ext 101.
Please reach out to us at GovCon-Biz should you have any questions.