Running a small business can be difficult. Small business owners can use all the help they can get when it comes to surety bonds, insurance and credit recovery.
Here are eight resources for small businesses that can help with surety bonds, insurance and credit recovery.
Surety Bonds Resources
Not every small business understands the ins and outs of surety bonds. Find resources here that will explain all you need to know about them.
Surety Bonds Explained
This web resource from the US Small Business Administration (SBA) clearly explains what surety bonds are and the three types of surety bonds that are usually required for obtaining public works contracts.
Surety Information Office
The Surety Information Office (SIO) can provide information on contract surety bonds for both private and public construction projects. It can provide speakers to talk about surety bonds or provide complimentary brochures about them and it can answer any inquiries you may have about surety bonds.
The SIO is run by the National Association of Surety Bond Producers (NASBP) and The Surety & Fidelity Association of America (SFAA).
SBA Surety Bond Guarantee Program
This program is run by the SBA and it can guarantee bid, performance and payment bonds for individual contracts of $2 million or less. This is to help small and emerging contractors who are unable to obtain surety bonds through regular commercial channels.
Insurance is a broad subject that is especially complex for businesses. You can never be too informed when it comes to insurance. Use these resources to become informed.
SBA Insurance Resources
The SBA Insurance Resources page tells you everything you need to know about business insurance, types of business insurance, tips for buying insurance and insurance requirements for businesses with employees.
Insure U for Small Business
A purely educational resource for small businesses created by the National Association of Insurance Commissioners (NAIC), Insurance U contains helpful information and tips about insurance for owners of small companies and home-based businesses.
Credit Repair Resources
For businesses that have faulty credit for whatever reason, these credit repair resources can help them get their credit back on track.
DIY Credit Repair
Run by the Federal Trade Commission, this site explains everything you need to know about credit reporting and what steps you can take to repair your credit if it is damaged.
A non-profit consumer credit management organization, Springboard was formed in 1974 by local business leaders and creditors. They created this website to provide education to businesses about using credit responsibly and offering businesses an alternative bankruptcy. You can also find free one-on-one credit counseling at the site.
Money Management International
Money Management International’s goal is to improve lives through financial education. To do this, the organization provides free credit and budget counseling for anyone who requires help with the finer points of budgeting, money management and dealing with credit.
[Main photo courtesy of CollegeDegrees360 on Flickr]