Access to bonding is only one of the barriers preventing smaller contractors from competing in public works construction. Small contractors are often caught in a vicious cycle that prevents them from obtaining surety bonds. They are unable to obtain surety bonds because they often lack the net worth and working capital to overcome surety underwriting criteria. Because they can’t land the profitable projects without surety bonds, these contractors are unable to build the required net worth and working capital to qualify for surety bonds.
Surety Bond Associates has a long standing track record of providing undercapitalized firms access to working capital financing necessary to mobilize and properly cash flow their projects. Plus, we have established partnerships with a variety of lenders and the US Small Business Administration that facilitate such financing.
Find out more about access to working capital, and submit a prequalification application today.
Brick City Development Corporation Grow Newark Fund – BCDC manages the Grow Newark Fund, a $6 million loan fund designed to provide financing to small businesses that do not meet the traditional eligibility requirements for small business bank loans. The loans range in size from $50,000 to $2,000,000 and are guaranteed by the Small Business Administration. The National Development Council’s Grow America Fund serves as our “community development bank” to underwrite and service the loans.
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Cooperative Business Assistance Corporation – CBAC is a nonprofit organization providing market or below market interest rate business loans and technical assistance to small businesses located in or moving into the Philadelphia, Pennsylvania and Southern New Jersey region.
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Greater Newark Business Development Consortium – GNBDC is a Small Business Administration Micro Lender that provides financial assistance to start-up and existing small business owners to start or grow their business. The financial assistance is in the form of fixed term loans ranging from $1,000 up to a maximum of $35,000.
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Philadelphia Industrial Development Corporation – PIDC currently offers two loan programs to small businesses. The Emerging Business Loan Program provides working capital financing in limits ranging between $100,000 – $500,000 to minority, women- and disabled-owned businesses in Philadelphia requiring mobilization funding for contracts to provide construction or procurement services to creditworthy clients. The Emerging Business Guarantee Program is a partnership between PIDC and Valley Green Bank and United Bank to improve capital access for small businesses in Philadelphia. Loan sizes range from $100,000 to $250,000 under this program.
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Regional Business Assistance Corporation – (RBAC) is a non-profit community wide loan program that provides financing to both new and existing small businesses in New Jersey Quite. RBAC’s micro loan program offers business loans up to $35,000. The Mercer County Loan Fund can offer inancing from $25,000 to $125,000 for start up or expansion of Mercer County businesses.
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Resource Management Partners Capital Corporation – RMP’s Contractor Financing Program is specially designed to finance contracts with local, state, and federal government agencies. They utilize the good credit of the entity ordering the products or services to finance the contractor or vendor who otherwise cannot take on the contract. RMP provide the mobilization and working capital funding necessary to properly execute these public works projects. The contractor wins by accepting and executing new business opportunities that will take them to the next level. RMP’s program helps contractors with needs from $100,000 to $1,000,000 and up.
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Union County Economic Development Corporation – UCEDC offers financing to fit a variety of business needs. From a microloan for a start-up venture to gap financing for an established company, UCEDC provides access to capital that may not be available elsewhere.
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