Surety Bonding Workshop

Reported by: Megan Wise
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Updated: 8/27/2013 6:47 pm
Big projects take big money. The Urban League of Chattanooga wants to help.

That's why leaders have teamed up with the U.S. Small Business Administration. They want to connect minority contractors with the people that can help their business plans. Walter Perry, District Director U.S. Small Business Administration said, "We are about making connections. The bonding agents. The minority contracted community here in Chattanooga."

The U.S. Small Business Administration and the Urban League of Chattanooga wants companies to be ready to go in their planning of large construction projects. Warren Logan, President, Urban League of Chattanooga said, "The owner of the project may require a surety or a performance bond to guarantee that basically a contractor will fullfill his or her responsibility. And if in fact that contractor does not fulfill his or her responsibility the surety bond is a form of insurance that will kick in." Representatives with the Small Business Administration said it's a must have component. Perry said, "So when a contractor bids on an opportunity, there has to be that bond there to make sure that job will be done as the government has specified."

City of Chattanooga's Office of Multicultural Affairs Director, James McKissic said this is very important from the City's stand point. McKissic said, "We are really opening up opportunities, sharing more bidding and purchasing opportunities with the public and the small business program, so we want the citizens and the small businesses of Chattanooga to become more engaged and to seek out the opportunities to work with the city." For more information go to www.chattanooga.gov.
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