SBA introduced 2022 allied bail bond companies
It also highlighted the ratings of these agencies that have helped facilitate billions in contract awards.
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The Small Business Administration (SBA) recently announced the most active small business companies for fiscal year (FY) 2022, which facilitated $2 billion in contract awards, further contributing to local economies through the creation of more than 3,200 jobs reported.
SBA's Surety Bond program allows small businesses, especially those in historically underserved communities, to receive critical support to compete for major federal, state and municipal contracts.
Isabel Casillas Guzmán, SBA Administrator, stated:
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.
FY 2022 Milestones
During fiscal year 2022, the SBA guaranteed the final offer and bonds totaling more than $6.3 billion in contract value, proceeds reflected as follows:
- More than 1,600 small businesses received assistance through SBA guaranty partners and bail bonding agencies.
- Of the more than $2 billion in bond contracts awarded to small businesses, more than 62% of the guarantees provided through the SBA Security Bond Guarantee Program went to underserved small business owners.
In addition, SBA surety partners often go above and beyond to help small businesses, providing education on the surety bond process, advising small business owners on how to increase their surety limits, and connecting them with other major business partners, such as construction attorneys and CPAs.
“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,” added Casillas Guzmán.
NEW: SBA's Surety Bond Guarantee Program helps small businesses receive backing to compete for federal, state, and local contracts. In FY22, the program facilitated over $2B in contracting awards. See the list of most active surety companies and agencies: https://t.co/PQflD5X8Ig— SBA (@SBAgov) December 19, 2022
The best performing surety company partners for fiscal year 2022:
- American Contractors Indemnity Company, CA
- United States Fire Insurance Company, PA
- U. S. Specialty Insurance Company, CA
- Markel Insurance Company, TX
- Merchants National Bonding, Inc., Iowa
- Travelers Casualty & Surety Company, CT
- Gray Insurance Company, LA
- Contractors Bonding and Insurance Company, WA
- Ohio Casualty Insurance Company, PA
- West Bend Mutual Insurance Company, WI
Best Bail Bond Agencies for Tax Year 2022:
- CCI Surety, Inc., MN
- Nielson, Hoover and Company, FL
- KOG International, Inc., PA
- Preferred Bonding & Insurance Services, CA
- Valley Surety Insurance Agency, CA
- The Fedeli Group, OH
- Allstar Surety Company, Inc., NC
- Capstone Brokerage, Inc., NV
- R. A. Brunson, Inc., LA
- The Bond Exchange & Insurance Agency, CA
The position of each surety partner and surety agency was determined by the number of surety bonds they issued through the Surety Bond Program. The mission of the SBA's Office of Surety Bonds is to provide and administer surety bonds for qualified small and start-up businesses in direct association with surety companies and their agents.
"We are honored to work with and recognize our FY 2022 top surety companies and bonding agencies. With their assistance and collaboration, we continue to successfully assist small business contractors in securing federal, state, and private contracts. Thank you to our top performers for making the Surety Bond Guarantee Program one of the most effective public-private partnerships in the Federal government,” noted Jermaine B. Perry, director of the Office of Surety Guarantees.
“We are pleased to announce our most active Surety partners for this fiscal year. These partners help SBA to directly assist small businesses to open new doors of opportunity, create new jobs, and grow local economies,” pointed out Patrick Kelley, associate administrator for the SBA Office of Capital Access.