About the Episode:

Capital is key in building a business. It can take months or years of hard work, but without capital, the business will struggle to succeed. When it comes to capital, small businesses are at a disadvantage because they typically do not have the same access to large banks that larger businesses do. In order for small businesses to access capital and grow their business, they need a specialized lender who understands their needs.

Join the conversation of the Virginia MBDA Business Center with Peter Gibbs as we discuss how to get Surety Bonds to grow your small business. Peter is an experienced billion-dollar Program Director and President of Foundation Surety and Insurance Solutions. He has demonstrated a history of working in the government administration industry while partnering with the private surety industry. Peter is a strong administrative professional skilled in Management, Contract Management, Risk Management, Business Process Improvement, and Organizational Development.

Tune in!

Here’s What You’ll Get In This Episode

[03:02] Episode intro and a quick bio of today’s guest

[06:08] How and why Peter Gibbs started the Foundation Surety and Insurance Solutions

[09:20] The bonding process, who qualifies, and what the company offers more

[14:34] Understand which type of contracts demand a bond

[17:17] Three key points Peter shares for your knowledge of bonds

[19:12] About the SBA Surety bond guarantee program

[24:08] Requirements and qualifications to get a bond with Peter

[27:34] How you can work with Peter to leverage his expertise as a bond issuer

[29:56] How soon can a contractor get the bonding after meeting all the criteria

[32:36] Do you need a good credit rating to be bonded? 

[34:36] How the covid pandemic has impacted the bonding community

[35:27] Leveraging the SBA program

[37:40] What is a maintenance bond, and who’s required to have it

[40:49] Bonding help to companies that have grown beyond the SBA standards

[41:28] Is there a particular weighing on each aspect of bonding?

[45:52] Key takeaways from this episode

[50:50] Ending the show and call to action

Notable Quotes

  • Small businesses with weak financial foundations will find it hard to stand independently.
  • Start small, grow responsibly, and be a viable business.
  • Failing to understand your business is the easiest way to have someone take advantage of you.
  • It’s good that small businesses get their own bonds to build their company’s bonding capacity.

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Jim Peterson, M&T Bank | Financial Resources for MBEs

The greatest existing need for minority businesses is not access to capital. What they need is access to information, mentors, and advocates. They need someone who has been down that road and tells them how to navigate all the trials and tribulations. They also need banking professionals, financial experts, and minority-owned firms to help them better understand the topic of money and the importance of generational wealth.