Expanding the Surety Bond Program Act

Bill 118 s 2206, also known as the Expanding the Surety Bond Program Act, aims to enhance the Small Business Administration's (SBA) Surety Bond Guarantee Program. This program provides small businesses with access to surety bonds, which are a type of insurance that guarantees the completion of a project or contract.

The bill proposes several key provisions to expand and improve the program. Firstly, it increases the maximum contract amount for which a small business can obtain a surety bond from $6.5 million to $10 million. This change is intended to help small businesses compete for larger contracts and projects.

Additionally, the bill seeks to streamline the application process for surety bonds, making it easier for small businesses to participate in the program. It also includes provisions to increase outreach and education efforts to ensure that small businesses are aware of the program and how it can benefit them. Overall, the Expanding the Surety Bond Program Act aims to support small businesses by providing them with greater access to surety bonds, helping them compete for larger contracts, and ultimately grow and succeed in the marketplace.