Small Business Building Big
The US Department of Transportation (DOT) Bonding Education Program (BEP) partners with The Surety and Fidelity Association of America (SFAA) to help small businesses become bond ready. Becoming bondable is a challenge for many disadvantaged businesses and this program aims to help businesses grow by obtaining or building bonding capacity.
The BEP is a hands-on, multi-component program designed to address what businesses need to do to become bond-ready, as well as one-on-one sessions with local surety bonding professionals to help in assembling the materials necessary for a complete bond application. This program is tailored to businesses competing for transportation-related contracts.
Program Eligibility Criteria
To be considered for the program, applicants must be the primary owner(s), key manager(s) or administrator(s) of a business that meet the following criteria:
- Existing in business for at least (2) consecutive years
- Revenue of at least $250,000 annually
- Have a minimum of (2) full time employees (including owner)
- Past performance in construction industry
- Pursuing transportation-related contracts
- Interested in satisfying credit, capacity and character evaluations in consultation with a surety representative
- Have one of the following certifications/designations:
- Small Businesses
- DBE
- HubZone
- SDB
- Service Disabled Veteran Owned Business
- Veteran Owned Small Business
- Women Owned Small Business
- 8(a)
Consultants, developers and engineering firms are not eligible for the program
The company must also be capable of bidding on DOT-funded projects and commit to attend the series of workshops offered in their region. There is also a registration form that is required for entrance into the program.
The BEP is offered through DOT’s Office of Small and Disadvantaged Business Utilization and its network of Small Business Transportation Resource Centers (SBTRC) around the county.