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Bonding Assistance

  • Surety Bond Rule Changes for Disaster Areas
    Submitted on 31 March 2011

    WASHINGTON – The U.S. Small Business Administration has made regulatory changes to its Surety Bond Guarantee (SBG) program, including higher surety bond guarantee limits that will help construction and service sector firms secure larger contracts for work in areas impacted by disasters.

    The changes are related to the Small Business Disaster Response and Loan Improvements Act of 2008, which increases the eligible amount for contracts or orders related to a major disaster area. 

    The changes, which were originally published as part of a Proposed Rule in The Federal Register in April 2010, are now final and include:

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  • Bonding 101
    Submitted on 02 August 2010

    Surety bonding is primarily needed in the construction industry on publicly funded projects. 

    How can a public agency using the low-bid system in awarding public works contracts be sure the lowest bidder is dependable?

    How can private sector construction project owners manage the risk of contractor failure?

    A surety bond is considered a part of the insurance industry, but it shares some characteristics with the credit industry. The surety company's primary duty is not to lend the contractor money. Instead, the surety company uses its financial resources to stand behind, or back, the contractor's commitment and ability to complete a contract.

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Did you know...

The percentage of clients with annual revenues in excess of $500,000 increased over the last five fiscal years.
Graph for MBDA Client Portfolio made up by SGI Clients

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