Mar 22, 2024
How the SBA Surety Bond Program Helps Small Businesses Win Contracts
The Small Business Administration is increasing its statutory contract limits for the Surety Bonds Program. This change is expected to increase revenue opportunities through small businesses contracting, thus supporting job creation and economic growth. The SBA has agreed to guarantee bid, payment, and ancillary bonds up to $14 million for federal contracts. Thus, the surety bonds will help small businesses win federal contracts by offering the customer a government-backed guarantee that the work will be done on time. SBA Guarantees Surety Bonds for Small Businesses The Surety bonds can help small businesses win business contracts by providing a guarantee to the customer. Many private and public contracts require surety bonds that the surety companies generally offer. The Small Business Administration offers surety bonds for some surety companies, that help small businesses, even if they need to meet the criteria for other sureties. Categories of Work that SBA Surety Bonds Cover Some businesses and business contracts would require surety bonds that cover certain situations. The SBA thus guarantees surety bonds that cover several major categories of work, and these are as follows. All performance and payment bond guarantees would be required to pay a fee of 0.6% of the contract price […]
Mar 11, 2024
Strategic Alliances: The Power of Joint Ventures in Federal Contracting
Strategic alliances are business arrangements between two companies that involve themselves in a mutually beneficial project while retaining their independence. Strategic alliances are less binding and offer exceptional options for the business to expand into new markets and enhance its product lines. Strategic alliances offer a competitive edge for businesses and allow two businesses to work towards a common goal that benefits both their operations. Strategic Alliances and Joint Venturing – How Do They Benefit the Business The primary objective of joint venturing in most industries is to venture into new markets and use unique technology to uplift their process. It has been estimated that more than 40% of the companies venture into strategic alliances to customize their legal, governance, and operational design. There are a number of reasons why a company may choose to enter into a strategic alliance, and they are as follows. Joint ventures are for those organizations who are waiting to make immediate financial impacts by leveraging the resources of another company. This way, they are also able to improve their short-term position in the market. Some companies may not have the capital to enter new markets. But, they can take advantage of other companies that […]
Mar 4, 2024
Small Business Grants for Women and Federal Contract Opportunities
Small business grants are ideal ways for small and medium-sized businesses and women-owned businesses to seek federal contract opportunities. The federal government has decided to award at least 5% of all its contracts to businesses owned by women every year. This program also offers a level playing field for women business owners. By awarding small business grants for women, the government aims to limit the competition for certain contracts to women-owned small businesses. Benefits of the Women-Owned Small Business Federal Contract Program Women own more than 33.2 million small businesses in the United States. Though these businesses prove significant economic growth, the women-owned businesses get only 2.1% of the venture capital funding in the US. There are several advantages of small business grants for women, and they are as follows. Small Business Grants are Available for Women Entrepreneurs As more and more women are jumping into entrepreneurship, there is an increasing need for funding and supporting women-owned businesses. Some of the federal small business grants for women are as follows. Women entrepreneurs thus have many grant options at both the state and federal levels to aspire female entrepreneurs to help them find a suitable grant that aligns perfectly with their […]