The SBG program helps businesses gain access to government contracts by providing them with a surety bond guarantee. This is helpful for small, emerging contractors who need help obtaining regular surety bonds through traditional underwriting processes. SBG Funding requires business owners to provide such information during the application process. Which includes their federal tax ID, legal entity type, yearly revenue, average daily bank balance and monthly credit card sales. This can be a time-consuming task for newer businesses.
Increase Your Reputation and Credibility in the Industry
Increasing your reputation and credibility in the industry is an important way to increase your revenue potential. You should build your brand and create a solid customer base to do this. You should also prioritize quality and provide excellent customer service. Additionally, you should prioritize your brand values and history. The SBG program is invaluable for small businesses seeking bonding support to bid on federal contracts. By offering a solution to this issue, the SBG program allows a broader range of small construction and service companies to compete for contracts that require surety bonds.
SBG Funding has an approval rate of 85% and offers competitive interest rates and loan repayment terms. However, it requires substantial financial data in its application and approval process. Including your business’s federal tax ID number, legal entity type, yearly revenue, average daily bank balance and monthly credit card sales. Some lenders offer a feature allowing you to integrate your bank account with the application, saving you time.
Increase Your Revenue Potential
The SBG program helps skilled, small disadvantaged, and competitive opportunity gap contractors obtain bonding support to take on construction projects. They may need help securing through the regular commercial bond market. This allows these contractors to grow and expand their businesses. SBG Funding stands out from other alternative lenders we’ve reviewed by offering various loan sizes and repayment terms for its business loans. Its loan sizes start at tens of thousands of dollars, and its loan repayment terms can span up to five years, giving you the flexibility to manage your cash flow more effectively.
SBG’s eligibility criteria include a credit score of 500 or higher, monthly revenue of $10,000 or more and at least six months of business operational history. It also requires a voided business check to be uploaded with its application. SBG typically provides an approval decision within 12 to 48 hours and can fund you shortly after that.
Increase Your Competitiveness in the Government Contracting Marketplace
The SBG program guarantees bid, performance and payment bonds, opening the bond market to small or emerging contractors that may need more financial strength or track record to qualify for these types of bonds through standard surety channels. This can increase their ability to compete for federal contracting opportunities. Separate your company from the competition by highlighting what makes you unique in your marketing materials and proposals. This could include certifications, awards, testimonials and references. Participate in industry events and network with potential government clients to build relationships. Make it easy for them to find your information by including contact details and company info on all your marketing and proposal materials.
Promote Growth and Development
When a business has access to surety bonding support. They can bid on and undertake projects that would otherwise be out of their reach. This expands their work portfolio and enables them to grow their business and increase their revenue potential. In traditional education, students’ grades reflect their ability to deliver knowledge. Which can create an environment where test-taking fear leads to anxiety and hinders learning. However, in SBG, students’ grades are based on their education rather than the quantity of knowledge they can recall at the end of the course.
SBG Funding offers a range of loan products and flexible terms to accommodate different business needs. Including small businesses that want lower monthly payments with longer repayment periods or those that prioritize low-interest rates. The lender also allows borrowers to apply for a line of credit, invoice financing, equipment financing and an SBA 7 loan in addition to their term loans.
