Surety Bonds Examples | Surety Bonds El Paso

SBA streamline Surety Bond Guarantee application process for contractor bonds

Surety Bond Guarantee application

The Small Business Administration recently ruled to amend the regulations surrounding its Surety Bond Guarantee application process. In an effort to streamline the application process for contract bonds in amounts less than $250,000, the SBA plans to launch QuickApp — short for “Quick Bond Application.”

With QuickApp, the SBA intends to eliminate the need for contractors to complete certain forms during the application process. By providing small contracting firms with this expedited process, the SBA hopes to make it easier for contractors to compete for and win contract projects.

The procedures contractors use to submit bond application forms and pay fees will also be updated. To participate in the SBA’s bonding program, contractors who operate small businesses must not be able to qualify for surety bonds through the commercial market.

QuickApp is currently pending approval by the Office of Management and Budget. QuickApp will be available on the SBA Web site when the regulation change is officially implemented.