Support of Senate Bill 579/HB 844 – Maryland Small Business Development Financing Authority – Small Business Surety Bond Program

On behalf of the National Association of Surety Bond Producers (NASBP) a national trade association representing firms employing surety bond producers, including licensed resident and non-resident agents placing contract surety bonds in Maryland, we support S.B. 579/H.B. 844, legislation that increases the maximum bond amount available for a bond guarantee issued by the Small Business Surety Bond Program (Program) of the Maryland Small Business Development Financing Authority (MSBDFA) from $1 million to $2.5 million. The Program was created to ensure that small and emerging contractors who do not qualify for surety credit in the standard market can seek such credit through an authorized state program intended to assist them in developing as viable businesses. Such an increase will benefit this worthy program in further achieving such aims.

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