Surety Bond Quarterly - Fall 2014 - 18

feature
surety BoNd
Guarantee Program
changes for the better
Under the leadership of Lalumiere, Gibbs, the Office of Surety Guarantees
is strengthening its partnership with the industry
By NIColE NElSoN
AS ThE FOrMEr comptroller of an
8(a) contractor in ohio, Peter C.
Gibbs has witnessed firsthand the
struggles small, disadvantaged
businesses experience in the process
of securing bonds required for
construction contracts.
"I definitely saw the issues,"
Gibbs recalled, noting that he is
mindful of the challenges faced during
his days at both Dayton-based
Wise Construction Company and
New york City's Nico Construction,
as he authorizes policy affecting comparable
companies in his current role
as Deputy Director of the U.S. Small
Business Administration (SBA) office
of Surety Guarantees.
Working alongside Surety Bond
Guarantee Program Director
Frank J. lalumiere, Gibbs has applied
his hands-on knowledge of the industry
to make changes for the better in
the SBA office that provides incentives
to surety companies to provide
surety bonds to small businesses
that may not otherwise have the
opportunity. The program guarantees
between 70 and 90 percent of
the costs that a surety would incur
if that small business defaults on
the contract.
"Frank and I have changed this
program a lot," Gibbs said. "We
18 surety BoNd Quarterly | FAll 2014
understand the importance of providing
products to small businesses
in a reasonable timeframe."
Gibbs referred to the example of
application cycle times: the formerly
lengthy process has been minimized
to less than two days. Additionally,
he said the cycle time in approving a
claim has been condensed to a six- to
eight-day turnaround.
"Since we have been here, we have
implemented significant changes that
have contributed to the growth and the
increase in participation by the surety
industry in our program," Gibbs said.
lalumiere said the Surety Bond
Guarantee Program started in the
mid-1970s to help small businesses
acquire contracts in the construction
sector. Today, surety companies participating
in the program stands at 23
and growing.
"As the volume of program activity
has increased, surety participation
has also increased," lalumiere
said. "In fact, right now we are looking
at a couple of sureties that want
to participate."
The volume also continues to
the number of
bond guarantees.
"over the past seven or eight
years, we have grown each year
with respect to the previous year,"
Coming Soon: SBA OSG Online Claims
Submission System
The SBA office of Surety Guarantees (oSG) is in the final stages of
enhancing the General login System (GlS) E-Application allowing sureties
to submit claim applications directly to the Surety Bond Guarantee
Program. Currently, sureties mail requests for claim reimbursement along
with supporting documents by USPS or private carrier, taking several
days to reach the SBA oSG claims department. In addition to submitting
requests for reimbursement online, there will be a function to upload
supporting documents directly. The new process will allow sureties to
submit requests for claims online, and although sureties will have to mail
the original 994H Form (Default report, Claim for reimbursement, and
report of recoveries) to the SBA, the enhancement will increase efficiency
and reduce costs for the Program's surety partners.
grow in terms of

Surety Bond Quarterly - Fall 2014

Table of Contents for the Digital Edition of Surety Bond Quarterly - Fall 2014

2014-2015 NASBP Executive Committee
NASBP Upcoming Meetings and Workshops
From the CEO: Successful construction relationships require the right relationship
Practical Insights: What you need to know - bond and lien notice pitfalls
SuretyLearn.org: An invaluable resource
Advocacy update
Nov. 12-3 Conference addresses the twists and turns of best value selection - and other timely topics
Surety Bond Guarantee Program changes for the better
Front Line Underwriting: Choosing a quality construction CPA
Getting in the weeds: Requirements of marijuana surety bonds
Encrypting email
It’s Finally Here: The new revenue recognition standard
CPAs standing in the GAAP
Resource Directory
Index to Advertisers
Surety Bond Quarterly - Fall 2014 - cover1
Surety Bond Quarterly - Fall 2014 - cover2
Surety Bond Quarterly - Fall 2014 - 3
Surety Bond Quarterly - Fall 2014 - 4
Surety Bond Quarterly - Fall 2014 - 5
Surety Bond Quarterly - Fall 2014 - 6
Surety Bond Quarterly - Fall 2014 - NASBP Upcoming Meetings and Workshops
Surety Bond Quarterly - Fall 2014 - From the CEO: Successful construction relationships require the right relationship
Surety Bond Quarterly - Fall 2014 - 9
Surety Bond Quarterly - Fall 2014 - Practical Insights: What you need to know - bond and lien notice pitfalls
Surety Bond Quarterly - Fall 2014 - 11
Surety Bond Quarterly - Fall 2014 - SuretyLearn.org: An invaluable resource
Surety Bond Quarterly - Fall 2014 - 13
Surety Bond Quarterly - Fall 2014 - Advocacy update
Surety Bond Quarterly - Fall 2014 - 15
Surety Bond Quarterly - Fall 2014 - Nov. 12-3 Conference addresses the twists and turns of best value selection - and other timely topics
Surety Bond Quarterly - Fall 2014 - 17
Surety Bond Quarterly - Fall 2014 - Surety Bond Guarantee Program changes for the better
Surety Bond Quarterly - Fall 2014 - 19
Surety Bond Quarterly - Fall 2014 - 20
Surety Bond Quarterly - Fall 2014 - 21
Surety Bond Quarterly - Fall 2014 - Front Line Underwriting: Choosing a quality construction CPA
Surety Bond Quarterly - Fall 2014 - 23
Surety Bond Quarterly - Fall 2014 - 24
Surety Bond Quarterly - Fall 2014 - 25
Surety Bond Quarterly - Fall 2014 - Getting in the weeds: Requirements of marijuana surety bonds
Surety Bond Quarterly - Fall 2014 - 27
Surety Bond Quarterly - Fall 2014 - Encrypting email
Surety Bond Quarterly - Fall 2014 - 29
Surety Bond Quarterly - Fall 2014 - 30
Surety Bond Quarterly - Fall 2014 - 31
Surety Bond Quarterly - Fall 2014 - It’s Finally Here: The new revenue recognition standard
Surety Bond Quarterly - Fall 2014 - 33
Surety Bond Quarterly - Fall 2014 - CPAs standing in the GAAP
Surety Bond Quarterly - Fall 2014 - 35
Surety Bond Quarterly - Fall 2014 - 36
Surety Bond Quarterly - Fall 2014 - 37
Surety Bond Quarterly - Fall 2014 - 38
Surety Bond Quarterly - Fall 2014 - Resource Directory
Surety Bond Quarterly - Fall 2014 - 40
Surety Bond Quarterly - Fall 2014 - 41
Surety Bond Quarterly - Fall 2014 - 42
Surety Bond Quarterly - Fall 2014 - 43
Surety Bond Quarterly - Fall 2014 - 44
Surety Bond Quarterly - Fall 2014 - 45
Surety Bond Quarterly - Fall 2014 - 46
Surety Bond Quarterly - Fall 2014 - 47
Surety Bond Quarterly - Fall 2014 - 48
Surety Bond Quarterly - Fall 2014 - 49
Surety Bond Quarterly - Fall 2014 - 50
Surety Bond Quarterly - Fall 2014 - 51
Surety Bond Quarterly - Fall 2014 - 52
Surety Bond Quarterly - Fall 2014 - 53
Surety Bond Quarterly - Fall 2014 - 54
Surety Bond Quarterly - Fall 2014 - 55
Surety Bond Quarterly - Fall 2014 - 56
Surety Bond Quarterly - Fall 2014 - 57
Surety Bond Quarterly - Fall 2014 - Index to Advertisers
Surety Bond Quarterly - Fall 2014 - cover3
Surety Bond Quarterly - Fall 2014 - cover4
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