{"id":3089,"date":"2021-07-10T23:11:59","date_gmt":"2021-07-10T23:11:59","guid":{"rendered":"https:\/\/suretyone.com\/blog\/?p=3089"},"modified":"2021-07-10T23:11:59","modified_gmt":"2021-07-10T23:11:59","slug":"north-carolina-general-contractor-license-bond-now-available","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/north-carolina-general-contractor-license-bond-now-available\/","title":{"rendered":"North Carolina General Contractor License Bond Now Available!"},"content":{"rendered":"<p>For decades a North Carolina general contractor license bond has been out of reach for the large majority of license candidates have not been able to obtain bonding for lack of financial statement strength and because of the onerous terms of the obligation. Part of the application process, pursuant to <a href=\"http:\/\/reports.oah.state.nc.us\/ncac\/title%2021%20-%20occupational%20licensing%20boards%20and%20commissions\/chapter%2012%20-%20general%20contractors\/subchapter%20a\/21%20ncac%2012a%20.0204.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">21 NCAC 12A .0204<\/a>, is the requirement that a candidate demonstrate positive working capital adequate to qualify for one of three classes of license, as follows:<\/p>\n<ul>\n<li>Limited License ~ Projects not exceeding $500,000. The contractor must demonstrate\u00a0a minimum working capital of $17,000, $80,000 net worth.<\/li>\n<li>Intermediate License ~\u00a0Projects not to exceed $1,000,000. The contractor must demonstrate\u00a0a minimum of $75,000 working capital shown through an audited financial statement.<\/li>\n<li>Unlimited License ~ Projects of any size.\u00a0The contractor must demonstrate\u00a0a minimum of $150,000 working capital shown through an audited financial statement.<\/li>\n<\/ul>\n<p>The capital requirements for a &#8220;start up&#8221; G.C. are difficult to achieve for small, emerging firm. Further, the requirement that supporting financial statements be prepared only by a North Carolina licensed certified public accountant has been an additional expense which a license candidate may not have anticipated nor budgeted for. <a href=\"https:\/\/suretyone.com\" target=\"_blank\" rel=\"noopener noreferrer\">Surety company<\/a> appetites change as economies grow and renewed interest in the construction sector has supported the availability of new markets. We are now pleased to offer the North Carolina contractor license bond to a much broader group of applicants.<\/p>\n<p>The surety bond thresholds for limited, intermediate and unlimited license classes are $175,000, $500,000 and $1,000,000, respectively. Application for this magnitude of surety capacity isn&#8217;t exactly &#8220;freely written&#8221;, however, we will not require financial statements prepared to review nor audit standards. Learn more about the North Carolina general contractor license bond <a href=\"https:\/\/suretyone.com\/north-carolina-general-contractors-license-bond\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>, or contact us at (800) 373-2804 or email Underwriting@SuretyOne.com to discuss your particular surety bond need and the application materials needed in order to offer you terms. We offer same-day underwriting, quote and issue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For decades a North Carolina general contractor license bond has been out of reach for the large majority of license candidates have not been able to obtain bonding for lack of financial statement strength and because of the onerous terms&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/north-carolina-general-contractor-license-bond-now-available\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":3090,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[168],"tags":[2535,140,142,2590,2284,176,2591,2421,2589,1728,1734,1871],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>North Carolina General Contractor License Bond<\/title>\n<meta name=\"description\" content=\"A North Carolina general contractor license bond is now within reach for most general contractor license candidates. New markets and excellent pricing.\" \/>\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\/north-carolina-general-contractor-license-bond-now-available\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"North Carolina General Contractor License Bond\" \/>\n<meta property=\"og:description\" content=\"A North Carolina general contractor license bond is now within reach for most general contractor license candidates. 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