Over our 25 years in the surety business, we’ve met some excellent, successful contractors who thought they couldn’t get a surety bond because their company had a negative net worth. Nothing could be further from the truth. In fact, the SBA doesn’t even consider your company’s net worth when they look at bonding capacity. If…

Anyone who has ever had an ownership position in a business knows how stressful and challenging accounts receivable can be. Construction companies are uniquely aware of these challenges.  Almost half of all new businesses will fail in the first five years of operation. And this is often caused by poor AR collection practices, especially in…

Anderson & Catania Surety Services has access to over 40 surety bond companies. Richard G. Anderson, CEO of Anderson & Catania Surety Services LLC, discusses why having this expansive access to the bonding marketplace puts AC Surety at an advantage and how contractors can determine if their bonding company is financially stable. How do contractors…

Brent Headley, Surety Account Executive at Anderson & Catania Surety Services LLC, discusses some of the caveats to joint venturing as it relates to bonding support. Are there any common pitfalls that contractors may face while joint venturing? Are there any common pitfalls that contractors face while joint venturing? Yes, each contractor involved with the…

Joe Catania, President of Anderson & Catania Surety Services, explains how bond companies view bank lines of credit. How does the availability impact the surety bond underwriting process? A bank line of credit adds extra cushion and comfort to the surety underwriting process.  The surety underwriter likes to see the bank support just in case there…

Brent Headley, Surety Account Executive at Anderson & Catania Surety Services LLC, underscores the important role a WIP report plays in a contractor’s bonding capacity. How Is The WIP Utilized To Make Management Decisions? The main purpose of a work-in-progress (WIP) report is to analyze and track profitability on open projects. Fading project profitability can…

Given annually, Seabee Memorial Scholarships help defray the cost of higher education for the children of Seabees and CEC Officers. This is the second year Anderson & Catania Surety Services LLC proudly helped sponsor the scholarships, which memorialize the 403 Seabees and CEC officers killed since 1942.  “The Seabees provide the foundation for the Navy and…

Joe Catania, President of Anderson & Catania Surety Services, explains the importance of sharing year-end financial statements with your bond company. Has COVID-19 impacted the timeframes for delivery of 2020 CPA financial statements? Yes, we’ve seen late statements since the CPAs have helped clients with SBA PPP loan forgiveness and due to the extended 2020…