Surety Industry Expert to Testify at SBA’s Surety Bond Guarantee Program
July 26, 2022 (WASHINGTON, DC) – The Surety & Fidelity Association of America (SFAA), a nonprofit, nonpartisan trade association representing all segments of the surety and fidelity industry, is pleased to announce that Ralph Pulver, Regional Underwriting Officer, Travelers Bond, will be testifying on behalf of SFAA and the surety industry at a hearing being held by The U.S. House of Representatives Committee on Small Business. The hearing, titled Leveraging the Infrastructure Investment and Jobs Act: The Role of the SBA’s Bond Guarantee Program, will begin at 10:00 A.M. on Wednesday, July 27, 2022, in room 2360 of the Rayburn House Office Building in Washington, D.C.
The hearing will examine the Small Business Association’s (SBA) Surety Bond Guarantee Program, which has been assisting small businesses in obtaining bonds and winning contracts for more than 50 years. Considering the heightened role the Program will have in the efforts in rebuilding the nation’s infrastructure, this hearing will provide members with the opportunity to learn how it serves small businesses and explore potential ways to improve and modernize the Program.
Mr. Pulver will provide an overview of the importance of surety bonds, including the prequalification of contractors on their ability to perform the project and ensure suppliers, subcontractors, and laborers are paid. The SBA Bond Guarantee Program provides an effective tool for surety companies to favorably underwrite small and emerging contractors that otherwise would not qualify for surety support.
Testifying with Mr. Pulver is Peter Gibbs from the Foundation & Insurance Company, Alan Gravel from Willow Construction, and Joel Griffith from Thomas A. Roe Institute for Economic Policy Studies, The Heritage Foundation.
To view a live stream of the hearing, click here.
To learn about the SFAA and NASBP Contractor Bonding Education and Mentoring Program, click here.
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The Surety & Fidelity Association of America (SFAA) is a nonprofit, nonpartisan trade association representing all segments of the surety and fidelity industry. Based in Washington, D.C., SFAA works to promote the value of surety and fidelity bonding by proactively advocating on behalf of its members and stakeholders. The association’s more than 450 member companies write 98 percent of surety and fidelity bonds in the U.S. For more information visit www.surety.org.
