The first impression is everything when presenting a bond package. Contractors that can clearly define and present their capabilities in the bond package are in a far better position to secure or increase their bonding program. A good bond agent can work with the contractor to prepare a bond package and should reference the following checklist to get started.
Recently approved legislation increases the U.S. Small Business Administration’s (SBA) Bond Guarantee Program from $2 million per single project to $6.5 million, and in some cases up to $10 million. The program had temporary increases up to $5 million during the American Recovery and Reinvestment Act, but this new legislation makes the increases permanent. Continue »