Does experience count at all?

[Bond Guy]

I'm a painting contractor. I have over 15 years experience plus a background education in Interior Design. I'm bidding a large job that requires a performance bond & payment bond. My Company is less than a year old. But as I stated above I'm well qualified. Can you advise me as to the steps I need to take to aquire the proper bonding?

[Surety Queen]

Originally Posted by Bond Guy

I'm a painting contractor. I have over 15 years experience plus a background education in Interior Design. I'm bidding a large job that requires a performance bond & payment bond. My Company is less than a year old. But as I stated above I'm well qualified. Can you advise me as to the steps I need to take to aquire the proper bonding?

As a new company, you will not be able to obtain contract bonding for large jobs (say over $350,000). There are programs available to new companies that are designed to help those companies get into the bonding arena. If your personal credit is good, then you may qualify for one of these programs. However, larger contracts will require that you provide 2-3 years of CPA prepared business financial statements to support the bond line. When you are talking about larger bond lines, experience is important, but so is the length of time you have been in business.