Requirements:
- Applicants must be located in Colorado and be a small business
- That includes businesses owned by women, minorities, veterans, members of the LGBTQ+ community, and persons with disabilities
- At least two years of business operations
- Bond line or project size generally ranges between $50k - $3 million
- Only one open SBAP guarantee contract at a time
- All state insurance and license requirements must be current
- Maximum gross revenue not to exceed $5 million in the most recent fiscal or calendar year
- Past performance in the industry and previous experience completing similar work to the contract opportunity being pursued
- Applicants must be able to provide the following financial statements: balance sheet, statement of cash flow, income statement, and quarterly profit and loss statements
- The statements should be prepared on an accrual or percentage-of-completion basis
- Applicants must provide a detailed accounts receivable and accounts payable aging schedule
- Applicants must provide a current work-in-progress schedule listing all projects, both bonded and non-bonded
- No previous surety losses
- No previous contract debarments or convictions of bid-related crimes
- No unpaid judgments, warrants, or liens. Satisfied judgments are acceptable
- No unpaid, pending, or open tax liens
- No arrears in child support
- No recent, pending, or open bankruptcy filings
- Must disclose all felony convictions in the last five years
- All persons required to sign a General Indemnity Agreement (owner, spouse, investors, and principals owning more than 5% interest and their spouses) should not have poor personal and/or corporate credit history
- All parties must provide a credit report to the surety during the applicant's financial review
- Applicants must enroll in a bonding education program
- To maintain eligibility, applicants must receive a completion certification within the first year of participation in the SBAP
- Failure to complete a bonding education program will result in a suspension from the SBAP until the requirements are met
- Certifications should be submitted to the Statewide Equity Office at dpa_supplierdiversityhelp@state.co.us
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