Not all that many years ago, small contractors and their insurance agents were told that they had to have CPA-prepared financial statements and certain financial ratios in order to get bonding – and that is generally still true today. However, under Goldleaf’s Short Cut Bond Program, we work with a variety of sureties who use the personal credit scores of the company owners as their main underwriting criteria on smaller bonds. Generally, the owners’ personal credit scores need to be around 650 or above in order to qualify for this program.
So now, Goldleaf can complete the whole underwriting process for bonds under $350,000 on the basis of a simple, one-page application. And, because Goldleaf has access to several surety markets with similar programs, we may be able to assist even if the risk has already been denied due to the owners’ personal credit scores or the type of work being performed.
It is also important to make sure that contractors do not get “trapped” in these small programs. Goldleaf’s Surety Specialists do a good job of helping companies migrate out of the Short Cut Bond Program – making sure they receive the surety counsel that is needed to help them grow and qualify for larger surety programs and better rates. With access to over two dozen surety markets, Goldleaf can obtain the bonding support you need.
