Construction Set-Aside Programs
Construction set-aside programs are designed by federal, state, and local governments to make sure the playing field is fair when it comes to government contracting. They do this by reserving certain contracts for businesses owned by women, minorities, and other disadvantaged groups. These programs aim to ensure there is a level of diversity, inclusion, and equitable opportunities in the construction industry.
Surety Bond Professionals is a family owned and operated bonding agency with over 75 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs.
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Learn more about set-aside construction bonds, or contact our experienced surety agents for assistance with any questions you may have.
Disadvantaged business enterprises (DBEs), including Women-Owned Business Enterprises (WBEs), Minority-Owned Business Enterprises (MBEs), and Veteran-Owned Businesses (VOBs), can benefit significantly from set-aside programs. These initiatives are crucial for businesses that face barriers to accessing government contracts due to systemic challenges or resource limitations.
There are many diverse set-aside programs at the federal level by the Small Business Administration (SBA). They mandate participation goals for small businesses, including those owned by women, minorities, veterans, and other disadvantaged groups. Some are:
- WBEs: For businesses majority-owned by women.
- MBEs: For businesses majority-owned by minorities.
- DBEs: For businesses majority-owned by socially economically disadvantaged individuals.
- The 8(a) Business Development program: Managerial and technical support for eligible small disadvantaged businesses.
- The HUBZone program: Federal procurement access for businesses in designated areas through HUBZone certification.
To participate in set-aside programs, contractors often need to meet specific bonding requirements, which might include bid bonds, performance bonds, and payment bonds. Assistance programs are available to help these businesses meet these requirements, offering education, financial aid, and referrals to bonding companies that specialize in supporting small and disadvantaged businesses.
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At Surety Bond Professionals, we have over 75 years of experience providing construction surety in Massachusetts and nationwide. Simply fill out our online quote form to get started. Request a quote today, and see if we can save you some money on the bonds you need.