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What is a surety bond?

Answer: 

A surety bond provides a form of guarantee that you will complete the work that you have committed to perform. Often referred to as a performance bond, the surety bond guarantees that you have the financial resources to complete the job from start to finish. Through its Surety Bond Program  the SBA can guarantee bid, performance, and payment bonds for contracts up to $2 million for small businesses that cannot obtain bonds through regular commercial channels.