Bond agencies and surety company partners helped facilitate over $2 billion in contracting awards
WASHINGTON, June 02, 2023 (GLOBE NEWSWIRE) — Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s 33.2 million small businesses, recognizes four award winners for their exceptional work helping small businesses acquire surety bonds, which allow them to obtain federal, state, and private contracts. These awards recognize surety bond guarantee companies for their commitment and significant contributions to fostering business growth and success. The total awarded contract value to small businesses in fiscal year 2022 was over $2 billion.
“Congratulations to this year’s Surety Guarantee award winners and to all the surety companies who helped us facilitate over $2 billion in contracting awards to American small businesses. SBA’s exceptional Surety Bond Program partners are instrumental in helping firms that have struggled to get bonded in the commercial marketplace,” said Isabella Casillas Guzman, SBA Administrator. “And our awardees’ commitment to leveling the playing field for small businesses trying to grow through federal, state, local, and private contracts is what fuels our economic growth and creates jobs in communities across the nation.”
This year’s winners are as follows:
- Surety of the Year: Merchants National Bonding, Inc.
- Surety Agency of the Year: Allstar Surety Company, Inc.
- Surety Agent of the Year: Amanda Quigley of CCI Surety, Inc.
- Small Business of the Year: Jones Masonry Restoration Corporation
“The Surety Bond Guarantee Program is a unique public-private partnership that helps small businesses secure federal, state, private, and local contracts,” said Jermaine B. Perry, Director of SBA’s Office of Surety Guarantees. “For over 50 years, the program has relied on the strong support of the surety companies and agencies. I would like to commend Merchants Bonding Company, Allstar Surety Company, Inc., and Amanda Quigley for their excellent performance and assistance to our small business contractors. I also want to congratulate Jones Masonry Restoration Corporation, a successful participant of the program, for their impressive growth and resilience.”
Surety of the Year award recipient, Merchants Bonding Company, joined the SBA’s Surety Bond Guarantee (SBG) Preferred Surety Bond program in 2022. Merchants Bonding Company’s activity exceeded 500 bond guarantees in its first year of partnership with SBA, assisting more than 125 small and emerging businesses in partnership with SBA.
“We are honored to have Merchants Bonding Company recognized for supporting the SBA and creating bonding opportunities for traditionally underserved, often disadvantaged businesses,” said Larry Taylor, Chairman of the Board and President. “We are grateful for all our agent partners who have taken advantage of Merchants and our partnership with Peter Gibbs to pursue SBA surety business. It gives Merchants Bonding a unique opportunity to provide diversity and inclusion in ways with real impact, and we are proud of our growing leadership in this effort.”
Jeff Booth, Chief Underwriting Officer for Allstar Surety Company, Inc., winner of the Surety Agency of the Year, said, “Allstar Surety would like to thank the SBG Program and staff for their support and outstanding service through the years. Allstar values this relationship as it has allowed our team to provide surety bond programs to various smaller contractors, helping them grow and become successful. Allstar is also very thankful to our surety partners for their support in providing surety solutions to small and emerging contractors through the SBG Program. The entire Allstar Surety team is honored to receive this award, and we look forward to many more years of success with the SBG Program.”
Surety Agent of the Year, Amanda Quigley, joined CCI Surety, Inc. in 2016 and has worked with the SBA’s Surety Bond Guarantee Program since day one. The SBG Program has helped Amanda provide bonding for small and emerging contractors while grooming them for a standard bonding program in the future. The SBG Program’s advancements and efforts to streamline the bond guarantee application process through acceptance of electronic signatures and paperwork reduction have made it less cumbersome and thus more attractive to both agents and contractors. The SBG Program has been a staple at CCI Surety, Inc. for decades and has helped to provide bonding solutions for innumerable contractors over the years.
Small Business of the Year, Jones Masonry Restoration Corporation, grew their bonding capacity from $595,000 to $4.3 million over 10 years in the Surety Bond Guarantee Program, supported six jobs in the Harrisburg, PA local economy in fiscal year 2022, and actively works with the City of Philadelphia rehabilitating City buildings and public schools. Jones Masonry Corporation graduated from the Surety Bond Guarantee Program in June 2022 and is now able to obtain bonding without SBA support.
The SBA Surety Bond Guarantee program has 40 surety partners, 150 authorized agents nationwide, and guaranteed more than 8,000 bonds with a contract value of over $6 billion in fiscal year 2022. More information about the SBA’s Surety Bond Guarantee Program is available at www.sba.gov. Questions from surety companies may be directed to Jermaine B. Perry, Director of the Office of Surety Guarantees, at firstname.lastname@example.org.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
CONTACT: Kirk McElwain U.S. Small Business Administration 202-205-6175 Kirk.McElwain@sba.gov