DC Area Small Contractors Benefit from Member Assistance

NASBP Member Assists DC Area Contractors

A NASBP member is helping several Washington D.C. area small business owners who participated in the U.S. Department of Transportation (DOT) Office of Small & Disadvantaged Business Utilization (OSDBU) Bonding Education Program (BEP),

NASBP Small and Emerging Business Committee Chair, Joshua Etemadi of Construction Bonds, Inc.–A Division of Murray Securus, said he is pleased that his agency has been able to assist several BEP participants obtain or increase their surety credit. “Within a few weeks of the program starting, we were able to qualify a contractor for bonding,” Etemadi said. “We also have others currently in the process of qualifying for bonds and are excited to help them get set up,” he added.

In addition to working one-on-one with several small business owners who signed-up for the Capital Area BEP, Construction Bonds, Inc. staff put on presentations to educate participants about bonding. At the first Workshop held October 17, Etemadi made a presentation that provided real world examples and clarified points about the bonding process, and on November 14, Edin Zukanovic, also of Constructions Bonds Inc., taught a module on managing company growth that addressed the numerous reasons why new contractors fail, including unsuitable or unrealistic growth.

“We were really excited to take part in the first BEP program for the District of Columbia,” said Etemadi. “The contractors in attendance were eager to learn about the bonding process and how they can better qualify themselves for bonding,” he said. “Kudos to all the stakeholders in the Region for putting this together,” Etemadi said. “We trust that the participants will continue to utilize the resources even after the completion of the program as they grow their companies,”

The DOT Capital Area BEP provided a six-week program that assisted small businesses in improving their credit, increasing their bonding capacity, and obtaining access to contract financing.

The DOT BEPs held across the country offer NASBP members an opportunity to volunteer their time and expertise to assist small and emerging businesses. The role of the bond producer in these workshops is vital as participating bond producers offer advice and guidance to the contractors, who often are unfamiliar with the surety product and the process of obtaining surety credit.

NASBP has been involved with U.S. DOT BEP assistance efforts since 2010. The Program is sponsored by the Surety & Fidelity Association of America (SFAA) and the U.S. DOT.

For more information about participating in upcoming BEPs, contact Shannon Crawford, Manager of State Relations, at 202-464-1170 or scrawford@nasbp.org.