{"id":2783,"date":"2018-09-11T01:04:18","date_gmt":"2018-09-11T01:04:18","guid":{"rendered":"https:\/\/suretyone.com\/blog\/?p=2783"},"modified":"2018-09-11T01:04:18","modified_gmt":"2018-09-11T01:04:18","slug":"performance-bond-sbg-surety-bond-guarantee","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/performance-bond-sbg-surety-bond-guarantee\/","title":{"rendered":"Performance Bond Fees Reduced for SBA Surety Bond Guarantee Program"},"content":{"rendered":"

On September 4th, 2018, the Small Business Administration announced<\/a> its decision to decrease the fees associated with the SBA Surety Bond Guarantee Program (SBG). The fee amendment is the first adjustment in over twelve years. The SBA hope that the cost savings will be passed along to the small, emerging contractor and per Peter C. Gibbs, Acting Director of the Office of Surety Guarantees, “will incentivize surety companies and their agents to increase support for small businesses in the marketplace.” Further, per the SBA’s release, “The Surety Bond Guarantee (SBG) program is reducing the surety fee from\u00a0twenty six percent to\u00a0twenty\u00a0percent of the gross\u00a0performance bond premium charged to the small businesses, and reducing its contractor fee from $7.29 per thousand dollars of the contract amount to $6.00 per thousand.”<\/p>\n

With the purpose to support the growth of small, emerging and minority contractors that may posses limited\u00a0capacity\u00a0and financial strength, and to increase the opportunities available to those contractors in federal contracting, the Small Business Administration created the SBA Surety Bond Guarantee (SBG<\/a>) program. Under the program, the SBA indemnifies a surety company for a specific percentage of a loss due to a surety bond claim under a bid bond, performance bond and\/or payment bond. Surety companies are more likely to offer capacity to a contractor that would not ordinarily meet the surety’s minimum standards for qualification. The Office of Surety Guarantees (OSG) offers access to the program through authorized surety agents.<\/p>\n

National performance bond<\/em> leader, Surety One, Inc. is a SBA approved underwriter of the Bond Guarantee Program. We are a surety-focused general agency licensed in all fifty states, Puerto Rico, U.S. Virgin Islands, Canada and Dominican Republic. Call (800) 373-2804, email Underwriting@SuretyOne.com click the instant message icon on our website at https:\/\/SuretyOne.com<\/a>\u00a0for more information about a\u00a0performance bond guaranteed by the SBA or\u00a0any surety bonding need.<\/p>\n

Interested in learning more about contract surety bonds? Visit our learn page at PeformanceBond.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

On September 4th, 2018, the Small Business Administration announced its decision to decrease the fees associated with the SBA Surety Bond Guarantee Program (SBG). The fee amendment is the first adjustment in over twelve years. The SBA hope that the… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":2784,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[328],"tags":[26,27,1589,1676,2453,12,1991,2451,2449,2452,2454,332,1678,1574,1677,2455,2459,2457,2447,2456,1734,2458,1871,51,2329],"yoast_head":"\nPerformance Bond ~ SBA Surety Bond Guarantee Fees Lowered<\/title>\n<meta name=\"description\" content=\"The Small Business Administration announced its decision to decrease performance bond fees associated with the SBA Surety Bond Guarantee Program (SBG).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/performance-bond-sbg-surety-bond-guarantee\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Performance Bond ~ SBA Surety Bond Guarantee Fees Lowered\" \/>\n<meta property=\"og:description\" content=\"The Small Business Administration announced its decision to decrease performance bond fees associated with the SBA Surety Bond Guarantee Program (SBG).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/performance-bond-sbg-surety-bond-guarantee\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety One, Inc.\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Surety1\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Surety1\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-11T01:04:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/performance-bond-fee-sba-surety-bond-guarantee.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:site\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"C. 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