Surety Bond Quarterly - Summer 2017 - 20
Acting Director of the U.S.
SBA Office of Surety Guarantees
Peter Gibbs Looks
to the Future
U.S. SBA Office of Surety Guarantees
Acting Director Peter Gibbs
AFTER THE APRIL 2016 retirement of
Frank Lalumiere, who was Director of
the U.S. Small Business Administration
(SBA) Office of Surety Guarantees
(OSG) and oversaw the Surety
Bond Guarantee (SBG) Program, the
Program has gained leadership with
the appointment of Peter Gibbs as
Acting Director. Gibbs is a longtime
staffer with the OSG, starting in 2005
and most recently serving as Deputy
Director of the SBG Program.
Gibbs joined the SBA in May
1991, serving in SBA's Investment
Division Office of Examinations,
New Markets Venture Capital, and the
Rural Business Investment Program.
Initially an Examiner, he was ultimately promoted to Deputy Director
and successfully launched the New
Markets Venture Capital Program,
establishing and implementing policies, regulations, and evaluation
procedures. This program promotes
economic development and the creation of wealth and job opportunities in low-income areas. His primary
From left, Peter Gibbs, NASBP bond producer members Reggie Jarvis of Centennial
Surety Associates and Josh Etemadi of Construction Bonds, Inc., and Michael Cox of
the SBA's OSG at the May 18 Bonding Across America event in DC.
charge was evaluating private venture
capital management teams to determine their eligibility for $180 million
in debenture and grant funding.
A graduate of Central State
University with a B.S. in accounting
and of Western Carolina University
with an M.E. in entrepreneurship, Gibbs' career includes serving 27 years in the Army National
Guard, Army Reserves, and on active
duty. "I was deployed from 2006 to
2010, serving at the Pentagon and
the Defense Intelligence Agency,
which included two deployments in
the Middle East," he recalled. "My
background as a senior logistics military officer has helped me to lead a
great team while utilizing innovation
to take the SBG Program to the next
level." He also worked as a comptroller for an 8(a) construction firm,
SURETY BOND QUARTERLY | SUMMER 2017
giving him "firsthand knowledge of
the bonding process and the hurdles
small businesses sometimes encounter in applying for surety credit."
As the SBG Program Deputy Direc tor, Gibbs developed and recommended policies, procedures,
guidelines, and criteria for evaluating
and mitigating all programs and operational efforts. In addition to operations and personnel management, he
worked closely with the surety companies that provide more than $9 billion
annually in bond guarantees to small
U.S. businesses. Then he concentrated
on underwriting and information technology, but he is now responsible for
all SBG Program aspects.
Two NASBP bond producers who
have worked with Gibbs see him as
the right choice for his new position.
"Peter is always willing to listen to