Performance Bond Amount $250K

[apprentice35]

I am looking to obtain a performance bond for approximately $250,000, but am a contractor without prior experience in public bidding. The Fast Track application indicates it is for contractors who are just getting into public bidding, but only covers contract bonds for $200,000 or less. Is there something for a new contractor that would cover a $250,000 bond amount?

[PT]

Originally Posted by apprentice35

I am looking to obtain a performance bond for approximately $250,000, but am a contractor without prior experience in public bidding. The Fast Track application indicates it is for contractors who are just getting into public bidding, but only covers contract bonds for $200,000 or less. Is there something for a new contractor that would cover a $250,000 bond amount?

The Fast Track program is designed for new contractors to get some experience in bidding on public work. The initial program is for a $200,000 line and all that is required is good personal credit for the owners of the company. After a year or so when there are some business financials available, the initial line can be increased to $200,000 single and $400,000 aggregate. In order to bid projects over $200,000, you would need to be in business for a couple of years and be able to provide CPA prepared business financials.