The SBA is now supporting single size projects to $2,000,000 for contractors who only have internal financial statements. The limit in the past was $1,000,000. This applies to prime contractors as well as subcontractors.
More details on the program changes can be found here:
What Does this Mean for You?
If you are looking to bond a subcontract that does not exceed $2,000,000 there should no longer be any obstacles. (Felonies, and tax liens without a payment plan, are the only two disqualifiers.)
Additionally, should you be looking for a bonding program for yourself—with single size bonds up to $2,000,000—and don’t want to incur the cost of a CPA, this is a program you might want to consider. Call me or send an email to get the latest SBA guidelines for financial statements.
How Can I Help?
Since 1994, I’ve put my extensive experience to use helping contractors of all sizes and trade types improve their surety bond programs—I’m confident I can help you, too. I will make sure that you are presented with every available tool that might help you succeed.
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