SBA Surety Bond Guarantee Program Tool
Helping small businesses get bonded for federal, state, and local projects.
Overview
The U.S. Small Business Administration (SBA) Surety Bond Guarantee Program helps small businesses secure the surety bonds they need to compete for government contracts. This is not a standalone software, but a program that utilizes tools, such as an XBRL-based system, for bond agents to submit contractor data. The SBA guarantees bonds issued by participating surety companies, incentivizing them to bond small businesses they might otherwise decline.
✨ Key Features
- Guarantees surety bonds for eligible small businesses
- Increases small business access to contracting opportunities
- Online submission process for agents
- Utilizes XBRL format for Work-in-Progress (WIP) data submission
🎯 Key Differentiators
- Government-backed guarantee reduces risk for surety companies
- Enables bonding for small businesses that don't meet standard commercial criteria
- Pioneering the use of standardized data formats like XBRL for submissions
Unique Value: Opens up billions of dollars in contracting opportunities for small businesses by providing the government-backed bond guarantees they need to be eligible to bid.
🎯 Use Cases (3)
✅ Best For
- Enabling bond agents to submit contractor WIP data to the SBA via an Excel spreadsheet that is converted to XBRL format.
💡 Check With Vendor
Verify these considerations match your specific requirements:
- Large businesses that do not qualify as a small business
- A tool for managing an entire agency's book of business
🏆 Alternatives
For small businesses that are unable to secure bonding through traditional commercial channels, the SBA program is often the only alternative that allows them to grow by taking on bonded projects.
💻 Platforms
🔌 Integrations
🛟 Support Options
- ✓ Email Support
- ✓ Phone Support
- ✓ Dedicated Support (N/A tier)
💰 Pricing
Free tier: The program has specific fees, but the submission tools are free to use for authorized agents.
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