Construction lenders are concerned about project success and its effect on their reputation and the community. The NASBP Producer Communications Toolkit 2.0 includes resources tailored to a lender’s viewpoint to help convey how surety bonds protect financial investments, ensure project success, and enhance lender reputation.

Have you or a colleague successfully persuaded a lender to require contract surety bonds on a project this year? If so, consider filling out a nomination form for the Tiger Trust Award! The prestigious Tiger Trust award is given to an individual employed by a NASBP or SFAA member who successfully persuades private owners or lenders to specify contract surety bonds on their projects.

 

The Benefits of Surety Bonds to Lenders
This slideshow is a great resource for presentations to lenders or for borrowing wording from for discussions. The slides convey that  requiring surety bonds on bank-financed construction projects will help ensure a successful project that will enhance a lender’s reputation in the community while protecting the lender’s investment.

 

 

NASBP Pipeline Spotlight: Dual Obligee
This NASBP article discusses the benefits of surety bonds to lenders. It introduces the concept of a dual obligee rider, which can be added to a bond to extend the surety’s obligation to a third party, usually a construction lender. Share this article with lenders so they know about these additional rights if they require surety bonds on a bank-financed project.

 

 

NASBP Surety Story Videos

This video focuses on the importance of a lender’s community reputation. This lender discusses the importance of project completion to his community’s success. He relies on a bonded general contractor to complete the project on time and on budget.

 

 

This video highlights the importance of surety bonds to ensure projects are completed and financial investments are protected. The lender discusses a client who was initially reluctant to require a surety bond on a construction project, but the bank would not provide financing without it. Later, when the project contractor defaulted, the surety completed the project. With surety bonds in place, the project was successfully completed.

 

 

This video conveys the importance of the surety prequalification process to lenders. This lender shares that knowing who you’re doing business with and how they approach their work is key to ensuring a successful project.

 

 

These are just some of the valuable, free tools NASBP bond producers will find in the NASBP Producer Communications Toolkit 2.0 to help them promote the surety product. In addition to lenders, there are resources for construction project stakeholders including project owners, architects, and contractors.

Check out NASBP’s social media posts every Friday to learn more about the new NASBP Toolkit 2.0 resources. Visit the Toolkit 2.0 to learn more. #BeGuaranteedToSucceed #surety.