Effective today, October 1, 2018, the Small Business Administration’s Surety Bond Guarantee program cut its fee for surety bond guarantees from $7.29 per $1,000, to $6.00 per $1,000. The SBA guarantees contracts up to $10 million for contractors who are unable to obtain bonding through regular commercial channels. The SBA’s fee is in addition to the premium charged by their surety partners, so any reduction in the fee is a benefit to our contractors. With this new rate 0.60% rate, a contractor obtaining surety credit with the assistance of the SBA will now save $1,935 on a $1.5 million dollar performance and payment bond versus bonds issued under the old fee structure. If you are new to bonding or you are stretching your job size or aggregate capacity, Florida Surety Bonds can help you get bonded through one of our 60 different sureties and, if needed, the SBA’s backing. We are committed to helping small and emerging contractors grow their businesses and their bottom lines with creative solutions and help from the SBA.
