SBA Celebrates 50 Years of Surety Bond Guarantees

Small Business Administration

WASHINGTON, D.C. — 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.

READ:  SBA Deadline is Approaching for Pennsylvania Small Businesses to Apply for Working Capital Loans Due to June 2019 Flash Flooding

“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.

Thanks for visiting! MyChesCo brings reliable information and resources to Chester County, Pennsylvania. Please consider supporting us in our efforts. Your generous donation will help us continue this work and keep it free of charge. Show your support today by clicking here and becoming a patron.

Buy Us a Cup of Coffee