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SBA Surety Bonds, Pt. 4: Giving Contractors and Surety Providers a Faster, More Convenient Application Process

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SBA Surety Bonds, Pt. 4: Giving Contractors and Surety Providers a Faster, More Convenient Application Process

By nicoj
Published: April 5, 2012 Updated: December 5, 2012

 

Contractors and surety bond providers:  Did you know the SBA guarantees surety bonds? For both small business contractors and surety agents alike, working with SBA to secure a surety bond guarantee can offer valuable benefits. 

What’s more, applying for the program is fast – the average application is reviewed in under 2 days – and contractors and agents can upload application documents online through the e-Apps system. 

SBA is working to make the online application even faster and more convenient. 

This summer, SBA’s Office of Surety Guarantees is rolling out new application options to give small business contractors and surety providers a simpler, faster online process to submit forms, process fees and check application status and information.

QuickApp:                 

For contract amounts up to $250,000, contractors will be able to submit a single form online to apply for SBA assistance without any additional documentation requirements.  Surety agents will separately be able to submit the necessary forms.  QuickApp speeds up the contact bond process by eliminating several existing application forms.

Pay.gov:

No more worrying about mailing a check:  Pay.gov will offer both contractors and surety agents a secure, easy way to pay program fees online.

Stay tuned for these application changes, coming this summer, in SBA’s online newsroom, or by calling the Office of Surety Guarantees at 202-205-6540.

Blog Series on the SBA Surety Bond Guarantee Program

Have your own surety bond questions, comments or insights?  Please share and join in on our conversation!  You can comment on our surety bond discussion board, follow our surety bond tweets with hashtag #SBAsuretybond, or post on our Facebook wall.  For contractor-specific information, check out Part 1 or Part 2 in our blog series. For surety provider information, read Part 3

Additional Program Information

·       Surety Bonds Main Page on SBA.gov

·       How SBA Admits Surety Companies on SBA.gov

·       Application Information Page for Surety Companies on SBA.gov

·       Application Training for Agents

·       Application User’s Manual for Agents

·       Program forms page (PDF) including forms for surety companies/agents

·       Treasury-certified surety companies listing

About the Author:

Nico Janssen
My name is Nico and I'm serving as a moderator for the Community.

Comments:

What are the requirements to get an sba guarantee bond?
The QuickApp is the way to go if you can. It is about the fastest way to apply for surety bonds. Highly recommended.
SBA does provide efficient ways for small businesses to have their management organized and run properly. These programs did help me with my own local business in Arizona.
Nico: Again, thanks for the article. Also, I appreciate the SBA's push to being more efficient and cutting down on the time to process surety bonds through its guarantee program. I know that contractors and bond providers are grateful for that. However, in the current environment, many of our Swiftbonds customers are looking for an even faster approval process. We even created a "2 Hours or Less" program to get bond approvals for smaller bonds. That's because many of our contractor (i.e., construction bond) clients leave it to the last minute as they're focused on the construction issue at hand and not the surety bond requirements. Again, we appreciate the information.

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