GEDA launches bond assistance program for local, small contractors
The Guam Economic Development Authority has launched the State Small Business Credit Initiative Surety Bond Assistance Program, in partnership with Moylan’s Insurance Underwriters, Inc.
Contractors work on a property in Barrigada. Photo by Skyler Obispo
GEDA said in a Sept. 9 statement that the program is designed “to open doors for Guam’s small and emerging contractors, empowering them to take on larger projects and contribute to the island’s economic growth.”
The program would allow qualified contractors to secure bid, payment, and performance bonds. GEDA said that the SBAP removes the barrier requiring small businesses to have access to surety bonds for public and private construction opportunities.
SBAP is backed by a GEDA guarantee of up to 30% of the contract amount (up to $600,000), the authority said.
Other benefits include:
Access to bonding for projects up to $2 million;
guarantee fees of 2% for bond lines and bid bonds; and
guarantees available for up to seven years.
Christina Garcia, acting CEO and administrator of GEDA, said in a statement that the program helps create a “level playing field” for local, small contractors.
“By working with Moylan’s Insurance Underwriters, we foster stronger businesses, create jobs, and keep more project dollars circulating in Guam’s economy,” she said.
Interested contractors can visit www.investguam.com for more on the program and must meet the following eligibility criteria:
Authorized and operating in Guam for at least two years;
employ 500 or fewer employees; and
must create at least one new permanent job and have verifiable contract experience. mbj
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