SBA Quick Program Update
As of February 12, 2014 the SBA Quick Program has been expanded to include projects with 2 year maintenance periods. In addition, liquidated damages up to $1,000.00 per day can also be accepted in the program. This program is beneficial for small contractors and can help them build a bond history on larger projects. Building a surety bond history will eventually help contractors obtain bonding on larger projects that require bonds. Contractors that are still developing their financial sophistication may be able to obtain bonds through this program as the develop their financial profile. The SBA Quick Program is designed to allow underwriters to take into account the big picture on a contractor without a specific credit score qualification. If a contract has a low credit score, or other financial issues, but the rest of the company history shows promise, the SBA Quick Program may provide a pathway back to standard surety bond markets.
Please contact us with any questions or for more information. Our application is available here:
For more general information, visit the SBA website.