Surety Bond Basics for Government Contracting and More
If your industry requires bonding, this webinar is for you. It will teach start-ups the challenges they will face in securing bonding for the first time and provide guidance to contractors who are not quite ready to produce financial statements.
The credit-based surety programs base approval on prior completion history and personal credit, thus posing a potential problem for companies whose owners’ credit scores are less than stellar. Hence, in this webinar, you will learn:
How the SBA bond program can help you if your personal credit score is 660 or lower; and
Why even a modest bank line of credit can provide additional bonding support.
In addition, you will also learn financial analysis basics and the importance of tracking your project using a Work In Progress schedule.
Specifically, this webinar will cover the following topics:
1. Suretyship Law – Surety v. Insurance
2. Credit-Based Programs – Why personal credit is so important
3. SBA Bond Guaranty Program – Federally-backed bond program to help those whose credit score is relatively low
4. Understanding working capital and net worth calculations
5. Defining Work in Progress – Percentage of completion basics
6. Types of financial statement preparation
Target Audience: Start-up and small business contractors who initially need bonding or want to grow their surety capacity.
