FastTrack -- Small Contractor Surety Program

This program was created to meet the needs of our small and emerging contractors in the State of Hawaii. The FastTrack program allows us to support a modest program of up to $250,000 single and up to $500,000 aggregate open-bond penalty (the sum total of every bond written, until formally released by the Obligee); based upon the respective contractor’s character, capacity, capital, and the specific bond request.

To begin the process, the FastTrack application is completed and signed by the contractor, and given to the surety professional/agent; who, in turn, provides a recommendation to the surety based upon their relationship and experience with the contractor. The application, along with business and personal financial statements, and the detail supporting the bond need are provided by the surety professional/agent to the surety, and the surety underwrites each request based upon the merits of the case.

As this program is for small and emerging contractors, CPA financial statements are not expected; though it is recommended that, at some point in time, the contractor retain a construction-savvy CPA to assist in financial planning and setting up internal controls to maximize the profitability of the business. As the construction company grows and develops, and once a qualified construction-savvy CPA has been retained, it is recommended that the CPA provide Review-basis financial statements and reports, to allow for increased surety credit, as appropriate.

Please contact your surety professional/agent for more information.