SBA Celebrates 50 Years of Surety Bond Guarantees
Washington, Sept. 18, 2020 (GLOBE NEWSWIRE) -- The U.S. Small Business Administrations (SBA) Office of Surety Guarantees (OSG) will host a two-day virtual conference to commemorate 50 years of Surety Bond Guarantees (SBG) .
Washington, Sept. 18, 2020 (GLOBE NEWSWIRE) -- The U.S. Small Business Administration’s (SBA) Office of Surety Guarantees (OSG) will host a two-day virtual conference to commemorate 50 years of Surety Bond Guarantees (SBG). The conference will assist small businesses seeking surety bonds and discuss SBA’s role in the future of the surety bond industry.
“For the last 50 years, the public-private partnership of the Office of Surety Guarantees and the surety industry has been a significant and successful collaboration impacting small business growth and job creation in the American economy,” said SBA Administrator Jovita Carranza.
In honor of this occasion, OSG will host a free, virtual conference on September 24-25 for small businesses in the construction, supply, and service sectors, along with members of the surety bond industry. Guest speakers will include Marcus Lemonis from CNBC’s television show “The Profit” and leaders in the surety bond industry.
In its first year of operations, the program guaranteed seven final bonds with a contract value of approximately $315,000. Since that time, SBG has assisted approximately 55,000 small businesses, approved 750,000 bond guarantees, and finalized total contract guarantees valued at $150 billion.
“In the past three years, Surety companies participating in the SBG program have doubled, demonstrating the surety industry’s confidence in utilizing SBA to assist small and emerging contractors,” said Bill Manger, SBA’s Chief of Staff and Associate Administrator for the Office of Capital Access. “SBA’s bond guarantees are accessible and make great business sense for small businesses and project owners.”
To register for this free, virtual event, visit: surety50.com.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit https://www.sba.gov.
About the Surety Bond Guarantee Program
The SBG Program was established by the Housing and Urban Development Act and helps small businesses with bonding assistance win contracts by providing the customer with a guarantee that the work will be completed. Many public and private contracts require surety bonds, which are offered by surety companies. The SBA guarantees surety bonds for certain surety companies, which allows the companies to offer surety bonds to small businesses that might not meet the criteria for other sureties.
Shannon Giles United States Small Business Administration [email protected]