MBN USA

February 03, 2023

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SBA streamlines surety bond process for local and minority infrastructure contractors

“SBA’s Surety Bond Guarantees are critical for small businesses to be able to qualify, compete for, and complete major projects—including many of the improvement projects being funded as part of President Biden’s $1.2 trillion Infrastructure Investment and Jobs Act (Bipartisan Infrastructure Law),” said Administrator Isabella Casillas Guzman. “Streamlining and simplifying these Work-in-Process submissions will make it easier for more small businesses—especially those in historically underserved communities —to participate in the SBG program, seize these infrastructure opportunities, and continue to lead the way in building a stronger, more equitable, and resilient American economy.”

“We’re very pleased to roll out this new process. The SBA’s Surety Bond Guarantees are going to drastically change the way small businesses gain access to funding opportunities,” said Associate Administrator for the SBA Office of Capital Access, Patrick Kelley. “Ultimately, these small business-friendly improvements will be a game-changer for our nation’s small business owners.”

Read The Full Article: Source Link: https://www.sba.gov/article/2022/aug/24/administrator-guzman-announces-streamlined-support-local-infrastructure-contractors-improved-surety?utm_medium=email&utm_source=govdelivery