Don’t Let Your Past Dictate Your Bonding Future
New Bridgework, Earthwork and Demo General Contractor
Our client was a newly founded General Contractor, owned by two partners who had worked together as employees of another firm. Their previous firm declared bankruptcy. The previous firm was large and comprised of four companies. One of the two owners of the new firm had a 10% ownership in the previous firm, a minor position in terms of the firm’s overall net worth. The two partners touted strong resumes and references on their past work. Despite the partners’ good reputation, the problems of their prior firm affected their standing.
The owners came to us unable to obtain bonds. They were in need of two bonded jobs at the time of our first meeting.
Our Shorewest Surety Team researched and analyzed their unique situation. Based on our findings, we started the new firm out in a secondary market with the SBA. As of year end, the new firm doubled their $75,000 net worth and working capital to over $150,000. Working on their behalf, we secured their placement in the standard market at competitive rates. Today, their new firm continues to grow and prosper.