The U.S. Small Business Administration (SBA) recently announced the best performing surety companies and agencies for the fiscal year of 2022.
The SBA compiled the lists from its Surety Bond Guarantee program, which enables small businesses to compete for major federal, state, and local contracts. The program is especially helpful for small businesses from historically underserved communities.
During the fiscal year of 2022, the program helped facilitate more than $2 billion in contracting awards. This in turn contributed to local economies by helping small businesses create over 3,200 officially reported new jobs.
The Surety Bond Guarantee program works in partnership with surety companies and agencies, and provides surety bond guarantees for small businesses on federal, state, local, and private projects.
The surety partners are very helpful for small businesses as they teach them about the bonding process and advise them on how to increase their bond limits. The agencies also help connect small businesses with other important business partners such as construction attorneys and CPAs.
Empowering More Business Owners
The SBA’s Administrator Guzman spoke about the importance of the program, saying: “The SBA’s Surety Bond Guarantee program ensures more contracting opportunities are made available to America’s small businesses through historic initiatives such as President Biden’s Infrastructure Investment and Jobs Act.
“This program is an important tool for the Biden-Harris Administration to empower more business owners to compete for major contracts, that will increase small business contracting – a win for small business owners and for our economy.”
Top Performing Surety Company Partners
The top performing surety company partners for the fiscal year 2022 are:
American Contractors Indemnity Company, CAUnited States Fire Insurance Company, PAU. S. Specialty Insurance Company, CAMarkel Insurance Company, TXMerchants National Bonding, Inc., IowaTravelers Casualty & Surety Company, CTGray Insurance Company, LAContractors Bonding and Insurance Company, WAOhio Casualty Insurance Company, PAWest Bend Mutual Insurance Company, WITop Performing Bonding Agencies
The top performing bonding agencies for the fiscal year 2022 are:
CCI Surety, Inc., MNNielson, Hoover and Company, FLKOG International, Inc., PAPreferred Bonding & Insurance Services, CAValley Surety Insurance Agency, CAThe Fedeli Group, OHAllstar Surety Company, Inc., NCCapstone Brokerage, Inc., NVR. A. Brunson, Inc., LAThe Bond Exchange & Insurance Agency, CA
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Source : SmallBizTrends