NYC SBS Bond Readiness Program
On May 4, 2021, the 2020-2021 NYC Department of Small Business Services (SBS) celebrated its most recent cohort of Bond Readiness graduates. This cohort represented 18 construction, trade & professional services firms – with 8 participants securing bonding prior to the conclusion of the cohort. Guest speakers for the graduation ceremony included: Jonnel Doris, Commissioner of NYC SBS; Ophelia Gabrino, Executive Director, Capacity Building & Corporate Partnerships, NYC SBS; Ellen Neylan, President, Surety Bond Associates; Sam Padilla, Padilla Construction Services, Inc.; Maria Permyakova, HMD Construction Group, LLC; and Peter Calderon, President, Domi-American, LLC.
Participant Maria Permyakova of HMD Construction stated:
“…The SBS Bond Readiness program was extremely helpful with every step of the process. Not only does it provide you with accounting, financial, bonding and legal assistance, the program also teaches you how to navigate the complicated process of New York city contracting. From setting up your profile, getting you approved for bonding, to assisting you in securing a contract, this is a team of people that truly care about you and want to help your business grow. This is an amazing opportunity for anyone who wants to succeed in their business. I highly recommend participation in the program to any firm that is looking to learn and grow their business.” Maria Permyakova, CEO, HMD Construction Group – 2020-21 Bond Readiness Program Graduate
The Bond Readiness program is held annually (beginning in the Fall) and is a 12-session, bi-weekly, intensive program, geared toward NYC M/WBE-certified, small construction & professional services firms. Surety Bond Associates (SBA) delivers the education, training, and one-on-one financial management guidance to the participating firms to assist them in obtaining surety bonds and increase surety bond capacity for New York City construction projects.
Cohort workshop topics include: Estimating & Bidding Strategies; Blueprint reading; Construction Law; Construction Accounting; Construction Insurance; Understanding Surety Bond; Business Development & Marketing; Joint Venturing & Teaming; Financial Resources; Bidding Opportunities (including guest speakers from NYC Agencies & Primes); PLAs & Public Project Law; and Project Cash Flow Management, Payment Applications & Funds Control.
- Bonded firms are more likely to obtain larger contracts.
- Learn how to establish business and financial credibility
- Connect to and access guidance from a network of surety companies
- Education and training about the surety bonding process and what it takes to get bonding
- One-on-one financial management guidance to help your firm qualify for bonding or increased bonding
NYC SBS Bonding Services
In addition to the formalized Bond Readiness Cohort, Surety Bond Associates (SBA) also provides free bonding services on behalf of SBS, to help construction and trade firms organize their bookkeeping/accounting through QuickBooks™ clinics and provide assistance with bond applications through 1-on-1 bonding technical assistance sessions.
QuickBooks™ for Contractors Clinics
SBA offers these free clinics, taught by construction CPAs, who work with attendees to set up and optimize the QuickBooks™ Premier Desktop Edition accounting system, so firms can manage job costs effectively and provide the financial reports required by surety companies and lenders.
One-on-One Bonding Technical Assistance Sessions
Are you interested in learning more about the NYC SBS Bond Readiness and Bonding Services Programs? Do you need help preparing to apply or applying for a bond/increasing your current bonding capacity? Complete our request form in order to connect to a surety agent or specialist who will guide you through completing the process (virtual meeting).