BondExchange Automates the SBA Surety Program
The Small Business Administration’s (SBA) Surety Bond Guarantee Program (SBG program) has helped countless up-and-coming contractors secure bonds they otherwise would not qualify for. However, obtaining these bonds is often a time-consuming process that causes headaches for agents and can lead to contractors missing out on bids. With this in mind, we set out to create an easy online application that can be completed in minutes and allows agents and their customers to better take advantage of the SBA’s bonding program.
We are excited to announce that this application is now live.
This article explains how our new SBA app works and why it will benefit your agency.
Throughout the industry, obtaining a bond through the SBA typically involves you or your customers submitting a standard contract bond application, not qualifying, and then submitting an entirely new application for participation in the SBG program. This process can take days, and usually consists of countless phone calls and emails with underwriters. Customers needing coverage immediately are often out of luck and unable to submit their bids.
Our online SBA application significantly reduces the time and effort it takes to secure SBA-backed bonds. In November of 2022, we launched an automated contracted app that allows insurance agents and their customers to instantly quote and issue surety bonds with limits of up to $1 million. We’ve since updated that application to include the SBA’s application criteria.
Here’s how it works:
- After receiving a contract bond request from your customer, simply sign in to your BondExchange account and click “New Quote”
- Select the type of bond needed and answer the on-screen questions relating to your customer’s business and the contract’s specifications
Our platform will automatically detect if your customer qualifies for the SBG program and collect all information needed to issue a quote.
The Bottom Line
Our SBA app eliminates the hassle of obtaining a quote and simplifies a process that has long been plagued with inefficiencies. The days of multiple applications, long email threads, and 30-minute phone calls are over, as you or your customer simply need to submit a single online application to obtain coverage.
We have issued a press release announcing the release of our online SBA app. Check it out!
“The SBA application builds on BondExchange’s best-in-class technology and tools designed exclusively for insurance agents…” (Continue Reading)
How Can an Insurance Agent Obtain a Contract Surety Bond?
BondExchange makes obtaining a Contract Surety Bond easy. Simply login to your account and use our keyword search to find the “contract” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone (800) 438-1162, email or chat from 7:30 AM to 7:00 PM EST to assist you.
At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.