Struggling To Nab a Federal Contract? The SBA Just Made Things A Little Bit Easier

Struggling To Nab A Federal Contract? The Sba Just Made Things A Little Bit Easier - Gettyimages 450814291 512155

If you’ve struggled to win federal contracts before, the Small Business Administration last week promoted two measures aimed at expanding federal contract access for women-owned small businesses and local infrastructure contractors. 

The agency first announced improvements to its surety bond process that many contractors will likely welcome: an automated option for bidders to submit project information.

Some government contracts require businesses to be properly bonded. Surety bonds are three-party agreements in which the surety guarantees a contract’s completion, in this case with the federal government. If a contractor is unable to complete a project, the responsibility falls on a surety company to find a replacement contractor. 

Under the Surety Bond Guarantee Prior Approval Program, small businesses submit work-in-progress reports to the SBA that contain project information such as contract price, project timelines, completion costs and billing information within the…

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This article was written by Melissa Angell and originally published on www.inc.com