PRINCETON, N.J., April 7, 2022 /PRNewswire/ — SimpliSurety, a leading provider of instant approval construction bonds for contractors and subcontractors through its online platform, has announced the increase of their instant online construction performance bond to $3 million. The increase will support contractors bidding on the expected spike in projects arising from the new Infrastructure Investment Act and nationwide construction projects.
Instant bond issuance is based upon a simple credit check on projects up to $750,000 and with in-house financials up to $3,000,000.
According to Communications Director Angela Ritter, "The new law calls for increased spending on infrastructure projects like roads and bridges." She mentions billions of dollars worth of contracts anticipated to be fulfilled by contractors nationwide. These new limits simplify the surety bond approval process while opening the door for newly established and smaller contractors new to bonding. The goal is to reduce delays and make bonds more widely available.
SimpliSurety provides a solution to this problem by offering contractors the ability to get bonded within minutes through their automated online platform. This allows contractors to confidently bid on projects and start work instead of waiting for the traditional bonding approval, which can take weeks or longer.
"It’s a huge step forward for SimpliSurety and the construction industry," said Ritter. "We’re committed to making sure contractors have access to the instant construction surety bonds they need to bid these important projects, and this limit increase will help us do just that. With the passage of the Infrastructure Bill, there is a tremendous amount of work to be done, and we want to make sure that contractors have the bonding capacity they need to bid on these projects."
In recent years, the company has seen a surge in demand for payment and performance bonds and has responded by increasing its instant approval issuance to $3 million, requiring less paperwork and a simple one-page online application.
To get bonded now, visit simplisuretybonds.com.
We are surety bonds experts for 40 years and counting. For many, it’s all they’ve done and all they do. SimpliSurety is dedicated to providing accessibility of instant online surety bonds to small and medium-sized businesses. They are the fastest and easiest way to get online surety bonds with the most comprehensive bond catalog on the web. No drawn-out quote process. Simply surety…in an instant.
Contact: Angela Ritter