SBA Announces Statutory Increases for Surety Bond Guarantee Program
WASHINGTON, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Today, Administrator Isabel Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s cabinet for America’s more than 33 million small businesses, announced that for the first time since 2013, the SBA is increasing the statutory contract limits for the Surety Bond Guarantee Program (SBG).
- WASHINGTON, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Today, Administrator Isabel Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s cabinet for America’s more than 33 million small businesses, announced that for the first time since 2013, the SBA is increasing the statutory contract limits for the Surety Bond Guarantee Program (SBG).
- “Surety bonds help small businesses win contracts by providing the customer with a government-backed guarantee that the work will be done,” said Administrator Guzman.
- In addition to these larger contract bond guarantees, the SBA also offers a simplified bond guarantee application under its QuickApp, accommodating contracts up to $500,000 with limited paperwork and approvals within hours.
- For questions regarding the program, please visit the program website at www.sba.gov/osg or contact Rebecca Galanti at [email protected] .