SBA Overhauls Bond Program SBA says new rules will make its Surety Bond Guarantee Program more attractive to sureties and small contractors. “The big winners are the small and emerging contractors who need access to surety bonds so they can bid on public construction projects,” Administrator Steven Preston said in a statement. “These changes will support small and emerging businesses nationwide, particularly construction contractors in the devastated Gulf Coast region and other disaster stricken areas around the U.S.” Preston also said the Bush administration supports an increase in the maximum amount of a guaranteed bond to $5 million, from the present $2 million. “That size increase would more accurately reflect the type of contracts available for small businesses,” he told the House Small Business Committee on Aug. 2. SBA said the new rules are “designed to improve operation of the agency’s surety bond guarantee program and make it easier for sureties and small business concerns to participate.” The rules, effective July 25, make a number of changes in payment and premium requirements for sureties. The agency said it is nearing completion of an electronic bond application process that would allow businesses and surety companies to file application forms electronically