SBA offers $10 million surety bond guarantee

first_imgBuilding on Recovery Act provisions implemented earlier this year, the U.S. Small Business Administration announced today it can now provide surety bond guarantees on federal contracts valued at up to $10 million, if the contracting officer certifies that the guarantee is in the best interests of the government. An Interim Final Rule is available for public inspection at The Federal Register.Currently, under a related provision of the Recovery Act that was implemented in March, SBA can provide bond guarantees up to $5 million through September 2010 on all public and private contracts and subcontracts. SBA partners with the surety industry to help small businesses that would otherwise be unable to obtain bonding in the traditional commercial marketplace. Under the partnership, SBA provides a guarantee to the participating surety company of between 70 and 90 percent of the bond amount. Raising the surety bond limit is a critical step in making sure small businesses in the construction and service sector have access to federal contracting opportunities that will help drive economic recovery, SBA Administrator Karen Mills said. These changes support small and emerging businesses nationwide, particularly construction contractors who have seen their markets hurt by a poor economy and lagging construction.Additional program enhancements published in the rule include:a new small business size standard for this program;authorization for SBA to exercise discretion in deciding bond liability issues; and,a definition of Order issued under an Indefinite Delivery Contract.The new size standard (which will be in effect until Sept. 30, 2010) temporarily replaces the current size standard for the surety bond guarantee program. It states that a business is small if the business, combined with its affiliates, does not exceed the size standard designated for the primary industry of the business combined with its affiliates. The North American Industry Classification System (NAICS) Codes contained in 13 CFR Part 121 establishes size standards for all industries http://www.sba.gov/contractingopportunities/owners/basics/GC_SMALL_BUSIN(link is external)….Through its Bond Guarantee program, SBA will also help by guaranteeing bid, payment and performance bonds to protect the project owner against financial loss if a contractor defaults or fails to perform.Finally, the rule adds a definition for an Order issued under an Indefinite Delivery Contract to clarify that SBA bond guarantees apply to individual orders, as well as contracts.SBA assistance in locating a participating surety company or agent, and completing application forms, is available online. For more information on SBA s Surety Bond Guarantee Program, including Surety Office contacts, go online to http://www.sba.gov/osg/(link is external) , or call 1-800-U ASK SBA.Source: SBA. July 23, 2009.last_img read more

PA & NJ credit unions approve merger of trade groups

first_imgMember credit unions of the Pennsylvania Credit Union Association and the New Jersey Credit Union League voted to approve the consolidation of the two trade organizations, PCUA President/CEO Patrick Conway said Thursday.He announced an affirmative vote of the trade groups’ memberships ratifies the definitive merger agreement approved by the boards of directors of PCUA and NJCUL in March.A total vote count was not released.The PA/NJ Credit Union Association will be open for business on Jan. 1, 2020 and become one the nation’s largest two-state trade organizations that will serve more than 520 credit unions.“This is an exciting day for credit unions in both Pennsylvania and New Jersey,” Jeff DeBree said, who serves as PCUA’s board chair and as president/CEO of the $174 million Penn East Federal Credit Union in Scranton. “I would like to thank my fellow PCUA and NJCUL board members as well as our member credit unions in both states for their support of this new organization.” ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

Crew monitoring Siphon Creek fire from helicopter

first_imgFORT ST. JOHN, B.C. — A four-person crew is watching the Siphon Creek fire from a helicopter, as it’s still unsafe for ground crews to fight the fire, says the BC Wildfire Service.Fire Information Officer Emily Epp says fire activity heightened on Sunday, and it has started moving eastward.“As this point in time, we’re still unable to put crews on the ground, due to safety concerns with the behaviour the fire is exhibiting,” she said.- Advertisement -The BC Wildfire Service estimates this fire is 4,000 hectares in size and a cause is still under investigation. As crews haven’t been able to safely fight it yet, the fire isn’t contained at all as of Monday morning.The Peace River Regional District has issued an Evacuation Alert for homes near the fire, which includes all civic addresses on Siphon Creek road, Osborn road, 268 Road, Doig road to the Osborn River, Buekert avenue, McTavish trail, and PDR Osborn ACC and Osborn Dump road.Here is the detailed area that the Evacuation Alert covers.Advertisement Courtesy of PRRDCourtesy of PRRDlast_img read more