The National Association of Surety Bond Producers (NASBP) understands that an important part of developing and promoting the surety market is increasing the availability of surety bonds to small and emerging contractors. As such, in 2010, the NASBP Board established the Small & Emerging Business Committee (SEBC) to advocate and promote educational opportunities for small and emerging contractors, so they would be better equipped to qualify for surety credit. The Board envisioned that would be accomplished by collaborating with industry partners, with local, state, and federal agencies on existing bond education programs, or by conducting an NASBP Bonding Awareness Program.
Accordingly, NASBP staff – in consultation with members of the SBEC – has created the Bonding Awareness Toolkit, which provides the educational material and resources to conduct a half-day bonding awareness seminar. During this workshop, participants will learn how surety bonding relates to various aspects of their business operations and what approaches and techniques will help them qualify for surety bonding.
Specifically, the Toolkit features a series of comprehensive and customizable PowerPoints, which cover four, main issue areas: 1) Bonding for New and Emerging Contractors; 2) Construction Accounting; 3) Risk Management and Legal Concerns; and 4) Banking and Financing for Contractors. Given that the Toolkit’s content is designed to be rolled out quickly, these PowerPoints are ready to be presented as is. However, they can also be modified to the presenter’s preferences and based on the instructors available.
NASBP’s goal is to provide its members, affiliates, and associates with the resources to educate small and emerging contractors and to assist these contractors in becoming bond ready. Becoming bondable is a challenge for small and nascent businesses, and the Toolkit aims to help businesses grow by obtaining and building bonding capacity.