• Applicant must be a New York State small business or MWBE with at least two years of business operations.
• Maximum bond line or project size is $2 million.
• Minimum average gross revenue of $400,000 in the last two fiscal or calendar years and maximum gross revenue not to exceed $5 million in the most recent calendar or fiscal year.
• Minimum credit score of 600.
• Previous experience completing similar work to the contract opportunity being pursued.
• For more detailed eligibility guidelines, click here.

How the Program Works
To apply for financial assistance, small business contractors should review eligibility requirements and fill out a Pre-Application Assessment. Click here for a Pre-Application Assessment form.

If the assessment indicates you are eligible to submit an application, proceed with the Application and submit the required forms. To download an application, click here (PDF) or here (MS Word). Once completed, please submit using the contact information below.

Guarantees of up to 30% on a bond line or individual contract bid bonds and payment/performance bonds are available from Empire State Development. Being eligible for this program does not automatically ensure bonding. Approval is based on both underwriting by a surety company and ESD’s credit assessment. Participating surety companies will make a credit determination in accordance with their internal underwriting standards.

Small businesses can also enroll to receive training and technical support on how to become bond-ready by using the contact information below. The classroom training is held throughout New York State.

Fees and Associated Costs
The guarantees for bond lines and bid bonds will be issued by Empire State Development with zero fees or costs. For payment and performance bonds, an Irrevocable Letter of Credit (ILOC) may be issued by participating banks that charge an annual fee of approximately 1% of the ILOC value. This fee is payable by the small business contractor and is in addition to the typical bond premium charged by the surety company.

There is no cost for the associated training and technical assistance.

Related Content
National Association of Surety Bond Producers

Surety and Fidelity Association of America

To apply For MWBE certification, click here.

Contact Information
For all New York State Surety Bond Assistance Program inquiries, please contact Ms. Huey-Min Chuang, Senior Director of Business & Economic Development, at 212-803-3238 or BAP@esd.ny.gov.

Small businesses interested in other state programs for launch and/or expansion, please contact the NYS Small Business Division at (800) 782-8369 or nylovessmbiz@esd.ny.gov.