135: ​​Peter Gibbs - Construction Bonding for Infrastructure Projects

Today’s guest Mr. Peter C. Gibbs of Foundation Surety out Maryland is the former Director, Office of Surety Guarantees for the SBA. He served in that capacity for more than 15 years. When he retired last year he went out on his own and started a bonding company. “Any company who is interested in participating in the infrastructure and jobs act must have Bonding.” In today’s episode we discuss what it takes to get bonding? Is credit necessary? What about capital? How much capital is needed? What is the difference between an SBA surety versus a non SBA surety Did you know that you can get a bond from an SBA surety with less cash in the bank than you can with a traditional surety? Most people don’t know that. I did not know that prior to this lesson with Mr. Gibbs. In today’s lesson Mr. Gibbs walks us through an example of how to increase your Bonding. If you are a contractor and you’re having problems with bonding or maybe you think you need to increase your bond, the problem may not be you, it just might be the surety. You could potentially double or quadruple your bond just by switching agents. Tune in today’s lesson with our next Giant, Mr. Peter Gibbs.