The Guam Economic Development Authority (GEDA), in partnership with Moylan’s Insurance Underwriters, Inc., has launched the State Small Business Credit Initiative (SSBCI) Surety Bond Assistance Program (SBAP), a new resource designed to help local small contractors compete for larger construction projects. Officials said the program will expand opportunities for homegrown businesses and strengthen the island’s economy.
Governor Lou Leon Guerrero praised the initiative, saying it ensures more local dollars stay within the community. “More local businesses taking part in these construction projects means more money staying in our local economy. It means a greater capacity to hire local people. It means earning more capital to invest back into our community,” she said. “This collaborative effort offers Guam’s private sector a hand up into this procurement market, and Josh and I couldn’t be more proud to bet on Guam.”
Through SBAP, eligible contractors can access bid, payment, and performance bonds, with GEDA providing guarantees of up to 30% of contract amounts, capped at $600,000. The program supports projects up to $2 million, offers a guarantee period of up to seven years, and charges a 2% fee for bond lines and bid bonds. Lt. Governor Josh Tenorio said the program lowers barriers for entrepreneurs. “With GEDA leading the way, we are showing the confidence our administration has in Guam’s homegrown talent and driven entrepreneurs,” he said.
GEDA Acting CEO Christina Garcia added that the partnership with Moylan’s Insurance Underwriters will create jobs and strengthen Guam’s small business sector. Contractors operating in Guam for at least two years, employing 500 or fewer workers, and creating at least one permanent job are eligible. More information is available at www.investguam.com or by contacting GEDA and Moylan’s Insurance Underwriters directly.