BondExchange Automates the SBA Surety Program

PR Newswire

CHARLOTTE, N.C., Dec. 20, 2022 /PRNewswire/ -- BondExchange (https://bondexchange.com) launched the first ever online application for the U.S. Small Business Administration Surety Bond Guarantee Program ("SBA"), automating the complex process of obtaining surety bonds for small contractors. BondExchange further simplifies the process by integrating the SBA program requirements into its standard market , Contract surety application allowing contractors and their insurance agents to seamlessly transition to the SBA program when they do not qualify under traditional underwriting. The upgraded application collects all necessary information and electronic signatures, populates forms required by the SBA, and eliminates unnecessary data reentry and back and forth between contractors, agents, underwriters and the SBA.

"The SBA offers a great tool for small and disadvantaged contractors to qualify for surety bonding; however, the process can take weeks due to the back-and-forth between contractors, agents, underwriters and the SBA," says Jackson Cromer, President of BondExchange. "Traditionally, agents collect application information, look for a fit with a standard market, and if the surety declines, they start the process over again with the SBA's multi-page paper application. This drawn out process is a headache for insurance agents and can cause contractors to miss out on bids. Our app gets all of this done in minutes, opening up contract surety for contractors long ignored by the surety market."

The SBA contract application builds on BondExchange's best-in-class technology designed exclusively for insurance agents. Earlier this year, BondExchange released its fully-automated contract surety application, a custom bond application agents can embed in their own websites, and a tool for agents to automatically endorse bonds.

"This enhancement is another step forward in a long line of improvements," continued Cromer. "We're thrilled to bring this solution to the SBA process and look forward to continued developments in making the Surety Bond Guarantee Program as frictionless as possible for our agents and their contractors."

About BondExchange

Based in Charlotte, North Carolina, BondExchange is the technology leader in the surety industry, servicing thousands of insurance agents across the U.S. BondExchange is licensed in all 50 US states and writes all types of surety bonds for all customer profiles.