Surety Bond Guarantee System
- Title:
- Surety Bond Guarantee System
- Acronym:
- SBG
- AgencyName:
- Small Business Administration
- MajorOrganizationalSubdivision:
- Associate Deputy Administrator for Economic Development
- MinorOrganizationalSubdivision:
- Office of Surety Guarantees
- Abstract:
- The Surety Bond Guarantee (SBG) System uses a centralized
database on a Unisys mainframe computer to track information
for the Surety Bond Guarantee Program, e.g., fees, claims,
and reimbursements. SBG system functions include: enrolling
contractors and surety coompanies into the SBG program,
guaranteeing bonds awarded by participating sureties, billing
and collecting program fees from contractors and sureties,
reimbursing sureties for claims paid in honoring bonds,
satisfying General Accounting Office (GAO) accounting
requirements for Federal systems, and producing all
necessary reports to monitor and control the execution of
the program.
Begin Date: 1971
- Purpose:
- This system enables the Office of Surety Guarantees (OSG) to
assist small contracting firms which cannot obtain bid or
contract surety bonds needed to perform work for which they
are otherwise qualified. OSG guarantees up to 90% of losses
sustained by participating surety companies. The SBA bond
guarantees provide the inducement necessary for surety
companies to issue bid or contract bonds for small
contractors.
- AgencyProgram:
- The Surety Bond Guarantee (SBG) program assists qualified small business
concerns to obtain bid, payment and performance bonds which are
unobtainable without an SBA guarantee. In 1989 legislation established
a Preferred Surety Bond program within the SBG system which allows
authorised Preferred Surety companies to approve, issue, monitor
and service bonds with a lower SBA guaranteed portion without
SBA approval.
- DistributorName:
- Office of Surety Guarantees
- DistributorOrganization:
- Small Business Administration
- DistributorStreetAddress:
- 409 3rd Street, S. W.
- DistributorCity:
- Washington
- DistributorState:
- DC
- DistributorZip:
- 20416
- DistributorCountry:
- USA
- DistributorHoursOfService:
- 8:30 a.m. - 5:00 p.m.
- DistributorTelephone:
- (202) 205-6540
- DistributorFax:
- (202) 205-7600
- DistributorOrderProcess:
- For information from the SBG system, contact the Office of
Surety Guarantees and provide a description of the
information requested.
- SourcesOfData:
- Information is obtained via applications for bond guarantees
from Surety Companies, from other information submitted by
the Surety Companies and other sources.
- AccessConstraints:
- Information in this system may be exempt from disclosure under provisions of the Privacy Act or the Freedom of Information Act.
- UseConstraints:
- None
- ContactName:
- Office of Surety Guarantees
- ContactOrganization:
- Small Business Administration
- ContactStreetAddress:
- 409 3rd Street, S. W.
- ContactCity:
- Washington
- ContactState:
- DC
- ContactZipCode:
- 20416
- ContactCountry:
- USA
- ContactHoursOfService:
- 8:30 a.m. - 5:00 p.m.
- ContactTelephone:
- (202) 205-6540
- ContactFax:
- (202) 205-7600
- ScheduleNumber:
- Not scheduled
- ControlIdentifier:
- SBA10010
- RecordSourceAgencyName:
- Small Business Administration
- RecordSourceMajorOrganizationalSubdivision:
- Associate Deputy Administrator for Management and Administration
- RecordSourceMinorOrganizationalSubdivision:
- Office of Information Resources Management
- DateOfLastModification:
- 19960130