Come join the NASBP Small & Emerging Business Committee (SEBC)! This year is likely to present many opportunities to assist government agencies in educating small and emerging contractors about the surety product.

In the coming months, NASBP producer volunteers expect to be called upon by federal agencies as these agencies begin to distribute dollars to states and local agencies for a whole host of infrastructure projects after the passage of the $1.2 trillion Infrastructure Investment & Jobs Act (IIJA). Those agencies will seek assistance from members of the SEBC and the NASBP producer community to educate small and emerging contractors on how to position themselves to qualify for surety credit.

Some of those opportunities are described below. First, the U.S. Department of Transportation’s Office of Small Disadvantaged Business Utilization (OSDBU) plans to have contracting opportunities soon available to small business contractors for airport improvement contracts. In fact, NASBP and SFAA recently met with representatives from the OSDBU to discuss this and how the surety industry can help by educating contractors about bonding.

Second, the 11 Small Business Transportation Resource Centers (SBTRC) will be tasked with ensuring that small business participation goals are met and those businesses can qualify for surety bonds. OSDBU asked NASBP/SFAA to become involved and assist those contractors.

Third, another potential volunteer opportunity is with the Minority Business Development Agency (MBDA), which received $110 million in funding from IIJA. These appropriated funds will be dedicated to establishing regional MBDA offices with the goal of expanding business procurement opportunities for minority-owned businesses.

Fourth, the new Contractor Bonding Education & Mentoring Program, jointly developed by NASBP and SFAA and released in January, offers NASBP surety professionals another opportunity to help educate small, emerging contractors who choose to participate in the mentoring portion of the Program. The Program’s two major components include: 1) a set of eLearning pathway modules available online 24/7, which can be taken on demand at the learner’s pace; and 2) an optional mentor program with industry volunteer professionals who offer practical advice and recommendations for the mentee to follow in its efforts to achieve surety credit. Prerequisites for contractors seeking to benefit from the Program’s Mentor path are a) the contractor must select one of the three learning paths, b) the contractor must not have an existing surety credit relationship, and c) the contractor must elect to proceed with a mentoring relationship. The three education learning paths are as follows:

• The Complete Contractor Bonding Education Modules (modules 1-9) (estimated to take 5 hours to complete).
• Transactional (Credit-based) Surety Bond Application Modules — designed for contractors who are new to bonding focus on qualification (modules 1, 2, and 3) (estimated to take 2 hours to complete).
• Traditional Surety Bond Application Modules — designed for contractors who have qualified for bonding and now want to expand their program (modules 4-9) (estimated to take 3 hours to complete).

If you have an interest in volunteering to provide practical advice and recommendations for mentees participating in the Program to follow in their efforts to achieve bonding, let Downey or NASBP know.

Jill Tucker, with NASBP member Insurance Underwriters, Ltd. of Metairie, LA, serves on the SEBC and volunteered as a subject matter expert in the Program’s course development. In fact, she was the first mentor to successfully secure bonding for a mentee participating in the Program. Tucker offered the following thoughts concerning the mentoring portion of the Program, “I really enjoyed the process. The contractor I mentored needed some clarification about the education program, but I could definitely tell the knowledge base was there. His expectations were in line with reality and no explanation was needed about indemnity.”

SEBC Chair, Chris Downey (pictured above and below), President of NASBP member Downey and Company of Albuquerque, NM, has been a tireless advocate and educator of the small and emerging contracting community throughout his career. He recently assumed a volunteer leadership role with GovBizTech, where he serves as a member of its board of directors, sits on its advisory council, and supports the organization as a project manager in its outreach to the local small business community. On April 26, GovBizTech and The African American Greater Albuquerque Chamber of Commerce’s Building Entrepreneurship will present a seminar, “Bonding – How to be Guaranteed to Succeed,” where Downey will present on the basics of contract surety, the prequalification process, and the importance of professional service providers to contractors seeking bonds.

Downey has served as a subject matter expert for the Program and views the Program as another effective tool to educate new and emerging construction businesses, particularly minority-owned and other under-represented businesses. According to Downey, “Serving as a mentor is a way for the surety community to give back and spread goodwill for the educational betterment of small construction businesses.” Downey hopes he is selected soon to become a mentor and encourages his fellow NASBP Producer members to volunteer or answer the “bell” when asked to serve as a mentor for the Program. Pictured, from left, is Larry LeClair, Staff Liaison to the SEBC; Chris Downey, Chair of SEBC; and Nick Newton, NASBP First Vice President.

These four examples of volunteer opportunities highlight the need to expand the SEBC bench of Committee members. NASBP producer members who volunteer on the various NASBP committees often acknowledge the sense of community and fellowship they experience, and the SEBC is no exception. SEBC members have always answered the “bell” when asked to volunteer and are committed to giving back to the contracting community. If you believe you would like to serve on the SEBC, you are encouraged to contact other SEBC members, such as SEBC Chair Chris Downey, who is always willing to share his thoughts and experiences with small, emerging businesses. So, are you ready to take the leap and share your professional skills with a small business? If the answer is “yes,” please indicate your interest in joining the SEBC; you won’t regret it. Please contact the Small & Emerging Business Committee staff liaison, Larry LeClair, at lleclair@nasbp.org, with questions.

Background

In the fall of 2011, NASBP created the SEBC with the purpose of serving as a catalyst for initiatives within the Association that promote the interests of small and emerging businesses. The SEBC advocates for resources, educational programs, and collaborates with industry partners as well as local, state, and federal agencies to assist them with current and/or creating new bond education programs. Ultimately, the goal of SEBC is to provide the necessary educational tools so these businesses may qualify for surety credit. For the past decade, SEBC members have volunteered at countless in-person bond education programs, created educational materials, and recruited other professionals to volunteer at NASBP-sponsored Programs such as construction orientated-CPAs and attorneys.

This Pipeline article is the seventh in a series describing how NASBP Committees are the cornerstone foundation of the Association. See the CEO Column that introduced this series, which was published in the March/April 2021 issue. See other Pipeline articles that describe the NASBP Industry Relations Committee, Government Relations Committee, Membership Committee, Professional Development Committee, Automation and Technology Committee, and 5-15 Leadership Committee. (NASBP login required.)