Both construction and manufacturing business are showing signs of an economic upturn. Metal Construction News, a trade group, reported that both sectors are growing steadily. The construction industry had fallen victim to the recent economic hard times. However, green and sustainable building trends making head way has helped the industry to survive through the slight recession.
Moreover, according to the Bureau of Labor Statistics, construction has also rebounded, adding more jobs to the economy. This means more surety bonds are being issued and should benefit from the additional work. Contractors, of which you might be one of several in the area, are positioning themselves to get in on the action. That means making sure you have everything in place, including being able to obtain the necessary surety bonds.
Nearly all government contracts today require surety bonds, as do several private contracts as well. According to the Associated General Contractors of America, Maryland has 14,500 construction firms. Ninety percent of those firms are small, employing less than twenty employees each.
But obtaining bonds is no easy matter. A contractor could easily end up defaulting on a project due to material shortages, weather, or other issues that can cause delays or force a complete work stoppage, all of which greatly hurts your credit. Or, maybe you’re new to the business and don’t have quite the history needed to get those larger surety bonds.
Whatever the reason, while you may want to compete for some of the larger contracts, you might be unable to qualify for the necessary bonding. This is where a qualified agent comes in handy. By going over the specifics of what you need to qualify and, in turn, compete, a reputable agency can help to determine how to secure the proper bonds that are the right fit for your business.
Enlist an agent that can help you to submit the required forms. You’ll need to include information about your personal and business financial status, bank information, and business plan. With the right agency in your corner, securing a Surety Bond can be an easier process than you might think!