The Small Business Administration (SBA) has been offering surety bond guarantees for decades. For a very long time that limit has been set at $2,000,000 single. In the early part of 2013, Congress permanently raised the limit to $6,500,000 ($10,000,000 on federal projects) single.
These guarantees are available to all contractors that meet the federal government’s definition of a small business. The higher surety bond guarantee limits are expected to help construction firms gain greater access to public and private contracts which are vital to their growth. The SBA partners with the surety industry to help small businesses that would otherwise be unable to obtain bonding in the traditional commerical marketplace.
Pinnacle Surety is a major participant in obtaining surety bonds for contractors with SBA support. Please contact me should you have any questions on how this program works.