Other Eligibility Criteria:
The applicant must meet the following criteria: Demonstrate adequate insurance coverage on its business operation and key employees. Have a line of credit equal to or greater than 20 percent of the bonded amount or; Demonstrate sufficient financial resources to justify a lesser credit facility.
Once accepted into the program, businesses will be required to provide quarterly financial statements prepared by an independent certified public accountant, a license public accountant or a preparer acceptable to the Director to maintain their eligibility. The Director will require removal of state tax liens.
The maximum bonding line pre-qualification is $1 million per business. The premium for each bond requested is 2 percent of the face value of the bond.