New York State Surety Bond Assistance Program – Storm Recovery

New York State Surety Bond Assistance Program – Storm Recovery

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Objective

Objective

The NYS Surety Bond Assistance Program provides financial assistance to help contractors working on NY Rising Housing Recovery Program construction projects secure surety bonding. Contractors may be eligible to receive a cash collateral of 10% to secure a surety bid bond or a payment and performance bond on New York State Housing Trust Fund Corporation Housing Recovery Program construction projects.

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Overview

Overview

Financial assistance of up to 10% on a bond line or individual contract bid bonds and payment/performance bonds are available from Empire State Development. Being eligible for this program does not automatically ensure bonding. Approval is based on underwriting by a surety company. Participating surety companies will make a credit determination in accordance with their internal underwriting standards.

Fees and Associated Costs
Cash collateral enhancement for bid bonds, payment and performance bonds will be provided by Empire State Development with zero fees or costs. However, the typical bond premium charged by the surety company to issue the bonds still applies. 

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Eligibility

Eligibility

Eligibility

  • Applicant must be a New York State small business or MWBE with at least two years of business operations.
  • Applicant must have previous experience completing similar work to the contract opportunity being pursued.
  • Applicant must have the required licenses and insurance to perform the work being pursued.
  • For more detailed eligibility guidelines, click here.

How to Apply

To apply for financial assistance, small business contractors should review eligibility requirements and fill out a Pre-Application Assessment. Click here for a Pre-Application Assessment form.

If the assessment indicates you are eligible to submit an application, proceed with the application and submit the required forms. To download an application, click here (PDF) or here (MS Word). Once completed, please submit using the contact information below.

Contact Information
For all New York State Surety Bond Assistance Program - Storm Recovery inquiries, please contact Ms. Huey-Min Chuang, Senior Director of Business & Economic Development, at 212-803-3238 or [email protected]. You can also contact one of the participating sureties directly. 

Small businesses interested in other state programs for launch and/or expansion, please contact the NYS Small Business Division at (800) 782-8369 or [email protected]

To apply For MWBE certification, click here

Participating Sureties 
 
Avalon Risk LLC 
 Scott Adams, President 
 Tel: 973-993-5401 
 [email protected] 
 www.avalonriskllc.com 

 Service Insurance
 James Burger, President 
 Tel: 888-266-3329 toll free 
 [email protected] 
 www.serviceinsurancecompany.com