Bonding
The Pace SBDC helps eligible small businesses connect with programs that offer surety bond guarantees, enabling them to bid on government contracts where bonding is required.
SBA Surety Bond Program
The Small Business Administration (SBA) guarantees bid, performance, and payment surety bonds issued by certain surety companies for up to 90% of the contract award. Guarantees are available for up to $9 million for non-federal contracts and up to $14 million for federal contracts, with decisions often provided in three days or less. For more information, contact suretybonds@sba.gov
NYS Surety Bond Assistance Program
The State of New York established the NYS Surety Bond Assistance Program, which provides a guarantee of upto 30% to NYS small businesses with at least two years of operations to secure a surety bond line, bid bond, or a performance and payment bond. Guarantees for bond lines and bid bonds will be issued by Empire State Development, and are for NYS and NYC agency let projects. The maximum bond line or project size is $2 million. For more information, contact BAP@esd.ny.gov.