In September, NASBP and the U.S. Small Business Administration (SBA) hosted a half-day program, “Your Path to Surety Bonds: What Small Businesses Need to Know,” that oriented small contractors to the bonding process. The presentation topics included bonding and insurance, banking and finance, federal assistance programs, and local procurement opportunities.
The leadership of NASBP’s Small and Emerging Business Committee began planning and developing the small contractor program in early September, immediately after NASBP and the SBA had signed a memorandum of understanding to develop such an educational program.
NASBP President Lynne W. Cook of Early, Cassidy and Schilling, Inc. welcomed attendees to the program, and Committee Chair, Arnaldo Soto of Carrion, Laffitte & Casellas, Inc./HUB International CLC; Committee Vice Chair, David Castillo of Marsh; and Committee Vice Chair, Joshua Etemadi of Construction Bonds Inc.--A Division of Murray Securus, made presentations addressing the contractors in attendance.
A highlight of the program was the presentation by William Tose, owner of Oakmont Contracting, a general contractor in Columbia, MD. Tose described how his local small construction business, with assistance of Castillo, obtained financial and surety credit and how Tose built his resources network. Tose said that he attended the NASBP bonding educational program conducted four years ago in Randallstown, MD, which spurred his interest in achieving bonding credit.
Cook is pictured here with U.S. SBA's John Miller who is Deputy Associate Administrator of the Office of Capital Access.
The program covered the following topics:
- Bonding and Insurance – Various types and purposes of surety bonds and how small, emerging, and underserved contractors can begin the process of obtaining bonding.
- Banking and Finance – How to obtain a loan and business lines of credit and establish a working relationship with a banker.
- Risk Management and Legal Concerns – Performance risk, construction law, contracting issues, including change orders and equitable contract price adjustments and remedies available to contractors involved in legal disputes.
- Construction Accounting – Construction accounting principles and financial systems that every small, emerging, and underserved contractor must know and adhere to for successful bonding relationships and business operations.
- Federal Assistance Programs – SBA Surety Bond and Loan Program staff members discussed their expertise concerning bond and loan guarantees to assist small, emerging, and underserved contractors.
- Local Procurement Opportunities – The federal procurement process, as well as ways that a small business can access state, local, and private contracting opportunities.
NASBP would like to thank the following speakers for donating their time and sharing their knowledge with the attendees:
- Oswaldo Acosta, Director, Small Business Services
- Michael Collins, Lender Relations Specialist, SBA
- Peter Gibbs, SBA Office of Surety Guarantees (OSG), Administrator
- Earnest Knott, OSG DC Area Director
- John Miller, Deputy Associate Administrator, Office of Capital Access, U.S. SBA
- Christopher Mills, Senior Commercial Lender and Vice President of Government Contract Banking at Columbia Bank
- Brian Pollack, CPA, Lanigan, Ryan, Malcolm, & Doyle
- William Tose, Oakmont Contracting
- Benjamin L. Williams, Esq., Associate, Peckar & Abramson, P.C.