The U.S. Small Business Administration (SBA) has announced a remarkable milestone for its Surety Bond Guarantee Program, which experienced its best year in 25 years during fiscal year 2024. This achievement is a testament to the Biden-Harris Administration's commitment to empowering entrepreneurial opportunities across America, as the program continues to deliver historic levels of support for small businesses.

Empowering Small Businesses to Thrive in the Contracting Landscape

Transforming Capital Programs to Reach New Highs

Under the Biden-Harris Administration, the SBA has undergone a significant transformation in its capital programs, enabling them to reach unprecedented levels of support for small businesses. This strategic shift has been instrumental in aligning the agency's efforts with the President's Investing in America Agenda, which aims to bolster small business growth and expand supply chain opportunities.The SBA's Surety Bond Guarantee Program has been at the forefront of this transformation, serving as a vital resource for small businesses seeking to secure contracts and subcontracts. By guaranteeing bid, performance, and payment bonds issued by participating surety companies, the program has empowered small businesses to take on projects up to $9 million in value, opening up new avenues for their success.

Delivering Historic Levels of Support

In fiscal year 2024, the SBA's Surety Bond Guarantee Program reached new heights, guaranteeing bid and final bonds totaling more than $9.2 billion in contract value. This remarkable achievement is a testament to the program's ability to provide small businesses with the necessary financial backing to compete for and secure lucrative contracts.The program's impact extends beyond just the financial support it provides. During the past fiscal year, more than 2,000 small businesses received assistance through the SBA's surety partners and bonding agencies, and over 46,000 jobs were supported by small businesses receiving SBA bond guarantees. This multifaceted approach to supporting small businesses has been instrumental in driving economic growth and creating new employment opportunities across the country.

Fostering Collaboration and Continuous Improvement

The success of the SBA's Surety Bond Guarantee Program is not solely the result of the agency's efforts, but rather a collaborative effort between the SBA, surety companies, and their agents. The unwavering dedication and commitment of these partners have been pivotal to the program's achievements, as they have embraced the SBA's resources and utilized them to empower small businesses.As the SBA looks ahead to fiscal year 2025, the agency is poised to build upon this momentum and continue its collaboration with these outstanding partners. By aiming for further achievements in enhancing surety credit for small businesses, the SBA is demonstrating its commitment to fostering an environment that enables entrepreneurial success and drives economic prosperity.

Empowering Small Businesses to Seize Opportunities

The SBA's Surety Bond Guarantee Program has emerged as a vital tool for small businesses, providing them with the financial backing and support they need to compete for and secure lucrative contracts. By guaranteeing bid, performance, and payment bonds, the program has opened up new avenues for small businesses to thrive in the contracting landscape, ultimately contributing to the overall economic growth and job creation across the nation.As the Biden-Harris Administration continues to prioritize the empowerment of small businesses, the SBA's Surety Bond Guarantee Program stands as a shining example of the transformative impact that can be achieved through strategic investments and collaborative partnerships. With the program's remarkable performance in fiscal year 2024, small businesses can look forward to even greater opportunities to showcase their capabilities and contribute to the nation's economic prosperity.