Bond agencies and surety company partners have helped secure more than $2 billion in contract awards
December 17, 2022 – WASHINGTON – The US Small Business Administration announced yesterday its most active guaranteed companies and agencies for fiscal year 2022. The SBA’s bond guarantee program allows small businesses, especially those in historically underserved communities, to receive critical support to compete for major federal, state and local contracts. In fiscal year 2022, the program facilitated more than $2 billion in contract awards, further contributing to the local economy by creating more than 3,200 jobs.
“SBA’s bond guarantee program ensures that more contracting opportunities are available to America’s small businesses through historic initiatives such as President Biden’s Infrastructure Investment and Jobs Act.” said administrator Guzman. “This program is an important tool for the Biden-Harris Administration to allow more business owners to compete for large contracts that boost small business contracting — a win for small business owners and our economy.”
In fiscal year 2022, SBA guaranteed bid and final bonds totaling more than $6.3 billion in contract value. More than 1,600 small businesses have received assistance through SBA guarantee partners and affiliated agencies. Of the more than $2 billion in contracts awarded to small businesses, more than 62 percent of the guarantees issued through the SBA’s bond guarantee program went to small business owners.
“We are proud to work with and recognize our top insurance companies and affiliated agencies in FY 2022.” said Jermaine Perry, director of the warranty office. “With their help and cooperation, we help small business contractors successfully secure federal, state and private contracts. Thank you to our top performers for making the Bond Guarantee Program one of the most effective public-private partnerships in the federal government.”
“We are pleased to announce our most active warranty partners this fiscal year.” said Patrick Kelly, SBA’s managing director for access to capital. “These partners help the SBA directly help small businesses open new doors, create new jobs and grow the local economy.”
The SBA Bond Guarantee Program, in partnership with guarantee companies and their agents, provides bond guarantees to small businesses on federal, state, local and private projects. SBA guaranty partners are often on hand to help small businesses, educate them about the bonding process, advise small business owners on increasing their bond limits, and connect them with other important business partners, such as construction attorneys and CPAs.
Top Warranty Company Partners for FY 2022:
- American Contractors Compensation Company, CA
- United States Fire Insurance Company, PA
- USA Specialty Insurance Company, CA
- Markel Insurance Company, Texas
- National Bonding Merchants, Inc., Iowa
- Travels Casualty & Surety Company, CT
- Gray Insurance Company, LA
- Contractors & Insurance Company, WA
- Casualty Insurance Company of Ohio, PA
- Mutual Insurance Company of West Bend, WI
Top Bond Agencies for FY 2022:
- CCI Surety, Inc., MN
- Nielson, Hoover and Company, FL
- KOG International, Inc., PA
- Preferred Service and Insurance, CA
- Surety Valley Insurance Agency, CA
- Fedeli Group, Ohio
- Allstar Surety Company, Inc., NC
- Capstone Brokerage, Inc., NV
- RA Brunson, Inc., LA
- Bond Exchange and Insurance Agency, CA
The standing of each guaranty partner and bond agency was determined by the number of bond guarantees they wrote through the Bond Underwriting Program. The mission of the SBA Office of Guarantees is to provide and administer collateral guarantees for small and growing businesses in direct partnership with guarantee companies and their agents.
The SBA helps small businesses by guaranteeing bid, performance and payment bonds issued by surety companies for contracts and subcontracts up to $6.5 million. The SBA can guarantee bonds for federal contracts up to $10 million if the federal contracting officer certifies that an SBA guarantee is necessary for a small business to receive the bond. The SBA also offers a simplified bond underwriting program under its QuickApp, which now provides contracts up to $500,000 with limited documentation and approvals within hours.
For questions about the program, please visit the program website at www.sba.gov/osg or contact Jermaine Perry at [email protected] or