Evergreen Surety Launches New Page on Surety Bonds for Technology and Software Companies

LITTLETON, Colo. - EntSun -- Evergreen Surety has published a new page on surety bonds for technology and software companies pursuing government contracts. The Miller Act doesn't distinguish between a construction contract and an IT service agreement, and the page is written for the companies that find that out mid-procurement, with a solicitation deadline already attached.

IT service providers, software development firms, systems integrators, managed services providers, and SaaS implementers run into surety bond requirements when they pursue government contracts. The requirement is the same one that applies to construction contractors. The bond types are the same. What differs is the context and the underwriting approach.

The page also explains why technology companies work with Evergreen Surety. Surety is all the agency does, with no insurance products competing for attention. When a technology company's financial profile doesn't fit the construction underwriting template, Evergreen knows which carriers to approach and how to present the account. The agency is appointed with 15 carriers and SBA-authorized, and it's licensed throughout the United States and Canada with no geographic restrictions on commercial bond programs.

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Four sections of the page cover the underwriting side in detail:

• What surety carriers actually need from a technology company. There's no work-in-progress schedule, no job cost reports, and no subcontract backlog, and revenue may be recurring rather than project-based.
• What underwriters look for. Credit comes first, and a FICO score above 675 provides access to smaller bonds without financial statements. Larger contracts bring in operating history, contract references, and cash position.
• The SBA Surety Bond Guarantee Program for technology companies. The SBA multiplies available banking capacity by 20, so $100,000 available on a line of credit can support up to $2 million in bonding.
• Financial guarantees and performance assurance beyond standard bonds. Software escrow, data security obligations, and implementation milestone guarantees don't always fit a standard bond form.

Companies that are new to bonding can start with a call. Megan Burns handles all commercial surety new business and can be reached at 720-258-6182 or mburns@evergreensurety.com. Technology companies can also request a consultation, and straightforward contract bonds backed by strong credit can be started through the agency's online portal.

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About Evergreen Surety

Evergreen Surety is an independent surety bond agency based in Littleton, Colorado. The agency is not owned by a carrier or affiliated with a larger insurance group, and is licensed throughout the United States and Canada. Evergreen works with energy producers, developers, contractors, and project teams to place complex bond programs with the carriers that specialize in these risks. For more information, visit evergreensurety.com.