Congrats to the kids!! They finally made it. Now its their time to move on and move up. What about contractors in the SBA Bonding program? Is it their time to graduate?
The SBA program is a great help, and the people are awesome: dedicated, helpful. But the program has a down side. It costs time and money to obtain their bonding support. So if a contractor could get federal and other projects without this extra step, why wouldn’t they?
Here’s what you gain, more or less, by graduating into a regular surety relationship:
More
- Time to pursue productive activities – new projects, strategic planning, employee training, educational opportunities, etc.
- Time for other personal and family priorities
- Profits on your projects and financial statement overall
- Increased profits can lead to higher bonding limits and bigger projects
- Credibility – a graduated company no longer needing extra help
Less
- Bonding expenses (bond premium plus SBA fee) on each project
- Time spent filling out double forms for the surety and the SBA
- Answering questions to both
- Waiting for approvals
OK, so if graduating sounds great, how do you do it?
Step one: Ask the current bonding company to provide bonds without the SBA program. If they do it, you can thank us later!
Step two: If they refuse, call FIA Surety! We provide bonds for federal and local projects without the need for SBA support. It takes a creative, experienced surety to graduate contractors. FIA has been providing Bid, Performance & Payment, Site and Subdivision Bonds since 1979. We’re steady. We’re willing. We’re creative.
It’s time to graduate!
For Site, Subdivision, Bid and Performance Bonds call Steve Golia: 856-304-7348
FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ
We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN, FL, GA, AL, OK, TX