Local Welders Union 328 Bond

[Bond Guy]

My company needs a 25k surety bond in Mississippi as required by the Union 328. We have 2 partners, one has an 800 credit score and one has just filed personal bankruptcy. The business credit is also flawless. The company financials are excellent and I feel we should qualify for a good bond rate. Under the circumstances, what are our options with your company and what cost are we looking for a 25k bond with your company?

[Surety Queen]

Originally Posted by Bond Guy

My company needs a 25k surety bond in Mississippi as required by the Union 328. We have 2 partners, one has an 800 credit score and one has just filed personal bankruptcy. The business credit is also flawless. The company financials are excellent and I feel we should qualify for a good bond rate. Under the circumstances, what are our options with your company and what cost are we looking for a 25k bond with your company?

Unfortunately, with one owner filing bankruptcy, your only option is probably the high risk program. We don't quote through this forum but if you want to submit an application (under no obligation), we will be happy to provide you with a formal quote. Here is a link to the application:
https://www.jwsuretybonds.com/wage_and_welfare_bond.htm

[h2o]

What if the owner with great credit and no bankruptcy has majority of ownership - for example 80% - and the other one with the bankruptcy has only 20% ownership? Does that make a difference?

[Bond Magician]

Originally Posted by h2o

What if the owner with great credit and no bankruptcy has majority of ownership - for example 80% - and the other one with the bankruptcy has only 20% ownership? Does that make a difference?

In this situation, the 20% owner's credit would still come into play. Any owner with more than 5% ownership will have to have their personal credit pulled.

[h2o]

But would we be considered high-risk?