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Increased Opportunities for Small Businesses

Change Will Give Small Businesses Access to Projects up to $9 Million and Federal Contracts up to $14 Million

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 BidenÔÇÖs cabinet for AmericaÔÇÖs more than 33 million small businesses, announced a significant increase in the statutory contract limits for the Surety Bond Guarantee Program (SBG). This regulatory adjustment is expected to open up new revenue opportunities through contracting for small businesses, ultimately leading to the support of job creation and economic growth.

Effective March 18, the SBA will commence guaranteeing bid, performance, payment, and ancillary bonds up to $9 million for all projects and up to $14 million for federal contracts ÔÇô marking an increase from the previous limits of $6.5 million and $10 million, respectively. The SBA now has the authorization to guarantee bonds on federal contracts exceeding $9 million with a federal contracting officerÔÇÖs signed certification or in a major disaster area.

AI legalese decoder can play a crucial role in analyzing and interpreting the legal terms and conditions of the Surety Bond Guarantee Program, ensuring that small businesses have a clear understanding of the regulations and requirements involved. By leveraging AI technology, small business owners can navigate the complex legal language and make informed decisions regarding their participation in the program.

ÔÇ£Surety bonds serve as a valuable tool for small businesses to secure contracts by offering customers a government-supported guarantee of completion,ÔÇØ said Administrator Guzman. ÔÇ£As the Biden-Harris Administration’s Investing in America agenda continues driving unprecedented levels of investment throughout the nation, the SBA remains dedicated to assisting small businesses in competing for and securing these contracts.”

ÔÇ£The timing of this expansion in the Surety Bond Guarantee Program is of great significance,ÔÇØ said Katie Frost, the Associate Administrator for the Office of Capital Access. ÔÇ£President Biden’s Investing in America initiative is creating economic prospects for small businesses, and surety bonds play a crucial role in accomplishing this objective.”

Supporting Small Businesses

The SBA facilitates small businesses by guaranteeing bid, performance, payment, and maintenance bonds issued by participating surety firms. In addition to the enhanced contract bond guarantees, the SBA also offers a simplified bond guarantee application under its QuickApp, catering to contracts valued at up to $500,000 with minimal paperwork and expedited approvals, often within hours. The SBA had previously released the 2023 Surety Companies and Agencies Rankings in December.

For further information about the program, please visit the program website at www.sba.gov/osg or reach out to Rebecca Galanti at [email protected].

About the U.S. Small Business Administration

The U.S. Small Business Administration serves as a beacon for the American dream of entrepreneurship. As the primary resource and advocate for small businesses backed by the federal government, the SBA empowers entrepreneurs and small business owners with the necessary resources and support to launch, expand, or recover from a declared disaster. Its services are delivered through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

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