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Small Business Administration Surety

Experienced surety team offering flexible solutions, including Small Business Administration support for hard-to-place risks, helping businesses secure bonding and grow.

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    Our Sompo Surety team has extensive experience in all surety products and has the expertise to underwrite a wide range of exposures. With the addition of the Small Business Administration Program, we can add hard-to-place accounts to our repertoire.

    Our Small Business Administration team has more than two decades of underwriting experience with a heavy focus on SBA business, helping you help your clients who don’t qualify for traditional bonding continue to get bonded work to grow their businesses.

    Coverage features

    Flexible SBA surety solutions with fast decisions, competitive rates, and tailored underwriting to help small businesses access bonding and grow.

    General information

    • Electronic bond delivery
    • Most responsive staff and comprehensive  program in the market
    • Offer both a 2.5% and a 3% flat rate depending on account qualifications
    • Quick turn around time, 24-48 hours, after complete submission
    • SBA fee of .6%
    • Funds control or collateral may be required

    SBA QuickApp and Standard capabilities and requirements

    Streamlined SBA bonding requirements with fast decisions, simplified documentation for smaller projects, and full underwriting for larger or more complex needs.

    SBA QuickApp capabilities and requirements

    • Contract bond guarantees US $500,000 under SBA QuickApp capabilities and requirements
    • Decisions in hours
    • Financial statement not required for SBA
    • Performance periods up to one year, liquidation damages up to $2,500/day and maintenance terms up to two years
    • Signed indemnity agreement on the SCP application and SBA form 994
    • Acceptable personal credit for all owners

    SBA Standard App capabilities and requirements

    • Signed Indemnity Agreement and SBA Form 994
    • FYE business financial statement for the last 3-5 years
    • Current interim business financial statement
    • Affiliate tax returns for the last 3-5 years
    • Bank reference letter
    • Current personal financial statement for all owners
    • A current work in progress report 

    SBA Program Eligibility

    • Up to $9 million for any federal, state, local, private & GC projects
    • Up to $14 million for any federal contracts with Contracting Officer certification to SBA
    • Up to $2 million = In-house
      • In-house = internal prepared statement with aged A/R & A/P schedules & no negative liabilities
    • $2-3 million = In-house plus or CPA compilation
    • $3 million plus = CPA review
    • Acceptable credit history