The company known as Bonds Express is recognized as one of the leading surety bond agencies since 1967. They offer a number of distinct bonding-programs dedicated to contractors that are in need of a bid bond, a payment or performance bond. The performance, payment and bond bonds are all contract specific.
About Preferred Credit Approval
If you currently have a preferred personal-credit which is 700 or higher and you require bonding that is under $350,000 per a job, the sites offer and easy online application that does not require any financial statements. If you manage to meet up to the credit requirements, length which must be under a year and the contract size, you can receive your bid and your performance bond approval within as little as one day.
About Good Credit Approval
If your personal credit score is 650 or higher along with a business credit score of 65 or higher, and your bonding requirements is under $300,000 per a job, there is also an easy online application form available that requires no financial statements. When you match up to the credit requirements, length which must be under 6 months and the contract size, you can receive approval on your bid and your performance bond within in as little as 2 business days.
About Bad Credit Approval
If you have a challenged credit score and you are in need of a bid or performance bond, Bond Express offers a solution. They have a program that is designed specifically for the contractors that have low-net worth, bad credit or no previous bonding experience. The program comes with a number of benefits such as a guaranteed dispersal for drawing your funds within 72 hours when you request it as well as the opportunity to save money on the materials you use. The program is dedicated to the contractors starting at $100,000 up to a ceiling of $10 million per a job. This program will base your approval on your history in the form of a contractor opposed to your credit scores.
Hazardous Bonds, Small Bond Penalties And Credit Issues
If your specific Bid and Performance requirements cannot be met through the standard Surety options, like hazardous bonds such as asbestos abatement, mine reclamation or small-contract amounts or when you have been turned away from other Sureties and you have no other choices. The Bid and Performance program on offer from Bonds Express will usually match up to your requirements as long as you are able to provide an Irrevocable Letter of Credit which does not exceed 25% of the overall contract amount.
Standard Credit Approvals
The approval for this option will depend on a number of factors which usually necessitates additional underwriting compared to the other programs. The reason for the additional underwriting has to do with the fact that this program is on offer to just about anybody. If your financials and credit is good, then your Bid Bond and Performance Bond will be made available to you at outstanding rates.