The U.S. Small Business Administration (SBA) announced today its 20 most active surety companies and agencies for fiscal year 2020. Making this year’s top ten surety agencies list was KOG International, Inc. with offices in Hammonton, Delaware and Pennsylvania.
“During this past fiscal year, contributions from surety companies and agencies helped the SBA to surpass $7 billion in bond guarantees because of the mutual trust and commitment between SBA and the surety industry to assist small businesses,” said eter C. Gibbs, director of the Office of Surety Guarantees. “SBA’s Surety Bond Guarantee program is celebrating its 50th Anniversary and continues to guarantee surety bonds for certain surety companies, allowing them to offer surety bonds to small businesses that might not meet the criteria for other sureties.”
According to SBA Regional Administrator Steve Bulger, who oversees the agencies programs and services for New Jersey, New York, Puerto Rico and the U.S. Virgin Islands, the SBA’s Surety Bond Guarantee Program, in direct partnership with surety companies and their agents, provides surety bond guarantees for small businesses on federal, state, local, and private projects. Commercial construction, service, and supply contracts and subcontracts are also eligible if the contract requires a surety bond.
“Ranked as SBA’s number two Bond Agency performer in 2020, the agency is most fortunate to have KOG International, Inc. helping contractors secure the necessary bonding needed to obtain and complete contracts for all government and private sector projects in our region,” said Bulger.
During this past fiscal year, the SBA’s guaranteed bids and final bonds were more than $7.1 billion in total contract value. With the work of the SBA’s top-performing surety partners and bond agencies, over 1,800 small businesses were assisted and over 30,000 jobs were supported.
“Year in and year out KOG International has consistently been ranked as one of SBA’s top performing bond agencies, providing a vital service to small business owners who otherwise would miss out on contracting opportunities if not for SBA’s Surety Bond Guarantee program,” said SBA New Jersey District Director Al Titone.
“Bruce Allen and his staff at KOG International are to be commended for helping small businesses across New Jersey, Delaware and Pennsylvania to secure bonding that is necessary for obtaining and completing contracts that contribute to the growth and vitality of these small firms and our economy. When you see that there are 137 Surety Bond Agents listed with the SBA, it only amplifies KOG International’s achievement that much more,” he added.
The standing of each surety partner and agent was determined by the number of bond guarantees they wrote through the SBG Program. The mission of the SBA’s Office of Surety Guarantees is to provide and manage surety bond guarantees for qualified small and emerging businesses in direct partnership with surety companies. SBA helps small businesses by guaranteeing bid, performance, and payment bonds issued by participating surety companies for contracts up to $6.5 million.
SBA can guarantee a bond for a contract up to $10 million, if a federal contracting officer certifies that SBA’s guarantee is necessary for the small business to obtain bonding. SBA also guarantees bonds under its QuickApp for contracts up to $400,000 with limited paperwork, providing approvals within hours.
The top-performing surety partners for FY2020 are:
The top-performing bond agencies for FY2020 are:
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