CCI Surety, Inc is an underwriter for Contract, Commercial and Miscellaneous Surety Bonds.

SBA Bond Program Limits Increase

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SBA Increases Project Size Limit to $10M – details:

Previous Maximum
$2M per project

New Maximum Project Size

$6.5M – On any bond, subject to normal underwriting consideration outlined in the previous SBA Guidelines
$10M – Possible on any bond, subject to normal underwriting consideration outlined in the previous SBA Guidelines and performed for a Federal Government Agency

Underwriting Authority

CCI Surety will continue to use our in-house underwriting authority to approve bonds and maximize our expertise working directly with the SBA Bond Guarantee program

Small contractors have varying levels of financial reporting and the SBA allows for varying levels of reporting based on contract size.
Financial Documents Required

Required
Financial Year End (FYE) statement (prepared within 90 days)
Minimum 6-Month Interim statement

Minimum Financial Statement Requirements

Project Size FYE Interim

Up to $1.0M In-House In-House

$1.0M – $2.0M Compilation In-House
(One-time Only)**

$1.0M – $10.0M Review Compilation

*With Verification
**In-house interim financials potentially accepted once

Business Size
Allowable business sizes based on total sales and the number of employees are determined by NAICS code and vary depending on the type of business. Total sales can be as high as $33.5M in many cases.
SBA Paperwork The SBA has greatly reduced the amount of paperwork needed to utilize the program. In addition to our normal underwriting documents there are only Two 1-page SBA forms, that need to be filled out.

Negative or Insufficient Working Capital

Escrow Agreements/Funds Control + 5% Escrow Deposit The SBA recognizes the value of utilizing escrow agreements and funds control to potentially mitigate risk on projects. Utilizing an escrow agreement and funds control process in addition to a 5% deposit into the escrow account allows CCI to utilize the program even if the contractor has negative or insufficient working capital.
Additional Options Although not typically used, additional forms of collateral or other considerations such as third party indemnity can also be utilized to approve a contractor for the SBA.

Happy Holidays From CCI Surety

Written by BooAdmin on . Posted in Uncategorized

As we wind down 2012 we would like to wish the best to all and look forward to working with you in 2013.

Don’t hesitate to contact us with any questions or accounts that need review.

Tampa, FL – Office
Florida, Georgia, Alabama, Louisiana, North Carolina, South Carolina, Mississippi

Home Office, Minneapolis, MN
Arkansas, Arizona, California, Colorado, Connecticut, Washington D.C., Delaware, Iowa, idaho, Illinois, Indiana, Kansas, Kentucky, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Montana, North Dakota, Nebraska, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West Virginia

Back In Business

Written by BooAdmin on . Posted in Uncategorized

We are back in the office following the long holiday weekend. Our last electronic marketing effort that focused on our Commercial Bond Department definitely generated some inquiries. As expected, Motor Vehicle Dealer bonds were a hot topic. We actually received more Payment & Performance bond inquiries than expected considering that the focus was not on Contract Bonds.

As always don’t hesitate to contact us here in Golden Valley, MN, or if you are in the Southeast, contact our office located in Tampa, FL.

Commercial Department

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The commercial department has remained busy while construction season winds down on norther states. We are seeing a lot of:

– Motor Vehicle Dealer Bonds
– BMC-84 (ICC Property Broker) Bonds
– Contractors License Bonds
– Wage & Welfare Bonds
– DEMPOS Bonds
– Utility Bonds
– Sales Tax Bonds

Not only have we been seeing them, but we are getting them done.

Incoming Business

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Last week was steady if not scattered with new accounts arriving from:

Chicago, Illinois
Cincinnati, Ohio
Indianapolis, Indiana
Des Moines, Iowa
Dallas, Texas
Rockford, Illinois
Lansing, Michigan
San Antonio, Texas
Boston, Massachusetts
Tampa, Florida
Jacksonville, Florida
Raliegh, North Carolina

Where can we do business?

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

SBA Bond Program Made Easy – Basic Guidelines

Written by BooAdmin on . Posted in Uncategorized

Project Size
Up to 2x the largest completed project ($2M maximum per individual project)

15 to 20x available working capital (for all projects)
– Lines of Credit are included as working capital
– Contractors with negative working capital may also be eligible using additional tools

Business Size
Allowable business sizes based on total sales and the number of employees are determined by NAICS code and vary depending on the type of business. Total sales can be as high as $33.5M in many cases.

SBA Paperwork The SBA has greatly reduced the amount of paperwork needed to utilize the program. In addition to our normal underwriting documents there are only Two 1-page SBA forms, that need to be filled out.

CCI announces its 3X5 Surety Program

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Call CCI for a one page application and approval based upon credit. CCI will write single bonds (bid, payment and performance) up to $300,000 and provide an aggregate backlog of $500,000. This is a credit driven program where the individual owners must have a 650 or better beacon score to qualify. If they do not fit this program, we have other programs which may be applicable.

Call us today for the specifics of this new surety bond program.

CCI Partners with Ullico Casualty Company

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CCI Surety, Inc. is a Managing General Underwriter for Ullico Casualty Company which has a U.S. Treasury Listing of $5.8 Million and licensure in 48 states. Click here for more information.

CCI Surety has also partnered with Ullico Casualty Company for Wage and Welfare Program. Contact CCI for details regarding this program, or Wage and Welfare Ullico for the application.

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