US Small Business Administration Recognizes Surety Companies
On June 02, 2023, the US Small Business Administration (SBA) recognized surety companies for their contribution and dedication to assist small businesses in acquiring surety bonds, allowing them to secure federal contracts, state, and private. Administrator Isabella Casillas Guzmán honored four award winners for their exceptional work in fostering business growth and success. Small business awards for the fiscal year 2022 amounted to over $2 billion.
Surety Assurance awards recognized Merchants National Bonding, Inc. for Year Warranty, Allstar Surety Company, Inc. for Bail Bond Agency of the Year, and Amanda Quigley of CCI Surety, Inc. for Bail Agent of the Year. Jones Masonry Restoration Corporation was awarded Small Business of the Year. The SBA Surety Bond Program helps small businesses secure contracts with the federal government, state, and private contracts. This year’s recognition is for surety companies that have shared in this partnership’s success.
The SBA’s Partnership with Surety Bond Companies
Jermaine B. Perry, Director of the SBA Office of Security Assurances, acknowledged the program’s unique public-private partnership with bail bond companies and agencies. This program’s success demonstrates the companies’ commitment to small businesses’ growth and success, supporting their entry into federal, state, local, and private contracts.
Merchants Bonding Company, the winner of the Guarantee of the Year award, exceeded 500 bond guarantees in its first year of partnership with the SBG, assisting over 125 small businesses and start-ups in its partnership with the SBA. Moreover, the company’s participation in the program is critical in supporting traditionally underserved and often disadvantaged businesses.
Allstar Surety Company, Inc. is the Assurance Agency of the year winner, and the SBA honored Jeff Booth, Director of Underwriting, for his exceptional support and service. The SBG program enabled Allstar Surety to provide bonding programs to smaller contractors, helping them grow and succeed while creating reliable bonding solutions.
Amanda Quigley, Bail Agent of the Year, joined CCI Surety, Inc., in 2016 and has worked with the SBA Bail Guarantee Program since its inception. The SBG program has provided bonding solutions to countless contractors over the years, helping small and emerging contractors prepare for a standard bonding program in the future. The SBG program’s advances and efforts to simplify the surety bond application process were also well applauded.
Jones Masonry Restoration Corporation, the Small Business of the Year, graduated from the Security Bond Guarantee Program in June 2022, increasing its bond capacity from $595,000 to $4.3 million over ten years. In the fiscal year 2022, the corporation supported six jobs in the local Harrisburg, PA economy and is actively working with the City of Philadelphia to retrofit public schools and city buildings.
Conclusion
The SBA’s Surety Bond Guarantee program is a robust network with 40 guaranty partners, 150 licensed agents nationwide, and more than 8,000 bonds guaranteed, with a contract value of over $6 billion in fiscal year 2022. As the only go-to voice and resource for small businesses backed by the strength of the federal government, the SBA empowers them and entrepreneurs to find resources, support, and financing they need to start, expand, or recover their businesses.
Additional Piece
Surety bond companies play a vital role in enabling small businesses to secure federal, state, and private contracts through the SBA’s Surety Bond Guarantee program. Through the program’s public-private partnership, SBA partners with surety bond companies and agencies to help small businesses with difficulties securing bonds in the commercial market.
Surety bond companies offer financial backing to contractors, providing a guarantee that their projects will run in compliance with the agreed contract terms. The bond companies evaluate contractors’ financial capabilities, management skills, and market reputation before providing the guarantee. This evaluation process ensures that the contractors can complete the projects and avoid the financial risks associated with insufficient capacity and expertise.
The SBA Surety Bond Guarantee program enables small businesses to secure crucial contracts and compete with larger firms for government and private sector projects. In turn, this stimulates economic growth, job creation, infrastructure development, and creates room for greater competition.
The SBA Surety Bond Guarantee program provides a unique resource for small businesses to obtain surety bonds that they otherwise may not have access to, enabling them to acquire contracts and grow. As small businesses constitute the engine of the economy, the SBA Surety Bond Guarantee program assists them in securing financial support and expanding their operations.
In conclusion, the SBA Surety Bond Guarantee program is an ideal resource for small businesses to obtain bonds. The program strengthens the relationship between the federal government, surety bond companies, and procurement officers, positioning small contractors to win lucrative government contracts while stimulating economic growth in the US.
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WASHINGTON, June 02, 2023 (GLOBE NEWSWIRE) — Today, Administrator Isabella Casillas Guzmánhead of the US Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s 33.2 million small businesses, recognizes four award winners for their exceptional work helping small businesses acquire surety bonds, which allow them to win federal contracts, state and private. These awards recognize surety companies for their commitment and significant contributions to foster business growth and success. The total contract value awarded to small businesses in fiscal year 2022 exceeded $2 billion.
“Congratulations to this year’s Surety Assurance award winners and to all the surety companies that helped us facilitate more than $2 billion in contract awards to America’s small businesses. The exceptional partners of the SBA Surety Bond Program are instrumental in helping businesses that have had difficulty obtaining bonds in the commercial market.” said Isabella Casillas Guzmán, administrator of the SBA. “And our awardees’ commitment to leveling the playing field for small businesses trying to grow through federal, state, local and private contracts is what fuels our economic growth and creates jobs in communities across the country.”
This year’s winners are as follows:
- Year Warranty: Merchants National Bonding, Inc.
- Bail Bond Agency of the Year: Allstar Surety Company, Inc.
- Bail Agent of the Year: Amanda Quigley of CCI Surety, Inc.
- Small Business of the Year: Jones Masonry Restoration Corporation
“The Surety Bond Program is a unique public-private partnership that helps small businesses win federal, state, private and local contracts,” he said. Jermaine B. Perry, Director of the SBA Office of Security Assurances. “For more than 50 years, the program has been strongly supported by bail bond companies and agencies. I would like to congratulate Merchants Bonding Company, Allstar Surety Company, Inc., and Amanda Quigley for their excellent performance and assistance to our small business contractors. I also want to congratulate Jones Masonry Restoration Corporation, a successful program participant, for their impressive growth and resilience.”
Guarantee of the Year award winner Merchants Bonding Company joined the SBA’s Surety Bond Guarantee (SBG) preferred surety bond program in 2022. Merchants Bonding Company activity exceeded 500 bond guarantees in its first year of partnership with the SBA, helping more than 125 small and start-up businesses in partnership with the SBA.
“We are honored that Merchants Bonding Company is recognized for supporting the SBA and creating bonding opportunities for traditionally underserved, often disadvantaged businesses,” said Larry Taylor, chairman of the board and president. “We are grateful for all of our agent partners who have taken advantage of Merchants and our partnership with Peter Gibbs to pursue SBA guarantee business. It provides Merchants Bonding with a unique opportunity to deliver diversity and inclusion in ways with real impact, and we are proud of our growing leadership in this effort.”
Jeff Booth, director of underwriting for Allstar Surety Company, Inc., Assurance Agency of the Year winner, said: “Allstar Surety would like to thank the SBG Program and staff for their exceptional support and service over the years. Allstar values this relationship as it has enabled our team to provide surety bond programs to a number of smaller contractors, helping them grow and succeed. Allstar is also very grateful to our warranty partners for their support in providing warranty solutions to small and emerging contractors through the SBG Program. The entire Allstar Surety team is honored to receive this award and we look forward to many more years of success with the SBG Program.”
Bail Bond Agent of the Year Amanda Quigley joined CCI Surety, Inc. in 2016 and has worked with the SBA Bail Guarantee Program since day one. The SBG Program has helped Amanda provide bonds for small and emerging contractors as she prepares them for a standard bonding program in the future. Advances in the SBG Program and efforts to simplify the surety bond application process by accepting electronic signatures and reducing paperwork have made it less cumbersome and therefore more attractive to both agents and contractors. . The SBG program has been a staple at CCI Surety, Inc. for decades and has helped provide bonding solutions for countless contractors over the years.
Small Business of the Year, Jones Masonry Restoration Corporation, increased its bond capacity from $595,000 to $4.3 million over 10 years in the Surety Bond Guarantee Program, supported six jobs in the local Harrisburg, PA economy in fiscal year 2022 , and is actively working with the City of Philadelphia rehabbing city buildings and public schools. Jones Masonry Corporation graduated from the Security Bond Guarantee Program in June 2022 and can now earn bonds without SBA support.
The SBA Security Bond Guaranty Program has 40 guaranty partners, 150 licensed agents nationwide, and guaranteed more than 8,000 bonds with a contract value of more than $6 billion in fiscal year 2022. Learn more about he SBA Security Bond Guarantee Program Is available in www.sba.gov. Questions from surety companies can be directed to Jermaine B. Perry, Director of the Surety Bonds Office, at jermaine.perry@sba.gov.
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About the US Small Business Administration
The US Small Business Administration helps advance the American dream of business ownership. As the only go-to voice and resource for small businesses backed by the strength of the federal government, the SBA empowers small business owners and entrepreneurs with the resources and support they need to start, grow, expand, or recover their businesses. of a declared loss. disaster. It provides services through an extensive network of local SBA offices and partnerships with public and private organizations. For more information, visit www.sba.gov.
https://www.globenewswire.com/news-release/2023/06/03/2681505/0/en/U-S-Small-Business-Administration-Recognizes-Awardees-for-Achievements-in-Facilitating-Surety-Bonds-for-Small-Business-Contracting.html
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