I would say the current market is closer to 1-3% for most. However, those that do not qualify for a standard market can see rates as high as 15% per year!
The surety will review the following:
-Credit report: including score, late payments, public records, etc.
-Personal financials: total assets, total liabilities, liquidity, net worth, etc.
-Experience: a resume to see if you know how to run the business
From what you told me, I would venture to guess you will qualify for a standard market. You can get a free quote online at:
JW Surety Bonds - Commercial Bond Applications