Surety Bond Assistance Pilot Program Requests for Information (RFIs)

Massachusetts Development Finance Agency - Request for
Expression of Interest - Surety Bond Providers
Issued by Mass Development - Finance Division
Respondents to this Request for Expression of Interest (RFI) are invited to respond to any
or all of the questions in this document. Responses to this RFI shall serve solely to assist
MassDevelopment in understanding the current state of the marketplace with regards to
the solicited information or to inform the development of a possible solicitation for a
Request for Responses (RFR) or Request for Quotes (RFQ) in the future. This RFI does
not in any way obligate MassDevelopment to issue or amend a solicitation or to include
any of the RFI provisions or responses in any solicitation. Responding to this RFI is
entirely voluntary and will in no way affect MassDevelopment's consideration of any
proposal submitted in response to any subsequent solicitation, nor will it serve as an
advantage or disadvantage to the respondent in the course of any RFR or RFQ that may
be subsequently issued or amended. MassDevelopment reserves the right to retract the
RFI at any time in its sole discretion.
1. Introduction
The Commonwealth of Massachusetts, pursuant to Section 147 of the Massachusetts
Leads Act, has directed the Executive Office of Economic Development (EOED) to
establish a five-year pilot Surety Bond Assistance Program. This initiative aims to
expand opportunities for economically and socially disadvantaged businesses to
participate in, bid on, and secure contracts for capital projects across the Commonwealth.
Although the program design is in development, it may include guarantees to the surety
company or direct loans or grants to the borrower to support their working capital needs.
This pilot program also intends to include technical assistance to the borrowers.
The purpose of this RFI is to elicit the interest of a select group of qualified surety bond
companies ("Bond Providers") to participate in this pilot program. Selected Bond
Providers will work will contractors who may not otherwise meet traditional
underwriting requirements, helping expand access to bonding and promote inclusive
economic participation.
2. Agency
MassDevelopment is the development finance agency and land bank for the
Commonwealth of Massachusetts. MassDevelopment partners with businesses,

nonprofits, financial institutions, and communities to help Massachusetts grow and
thrive. MassDevelopment is committed to achieving three core goals: stimulating
business, driving economic growth, and strengthening communities across the state.
3. Purpose of RFI
The purpose of the Surety Bond Assistance Program is to support small and medium
sized economically and socially disadvantaged businesses to participate in, bid on, and
secure contracts for capital projects across the Commonwealth. The program seeks to
improve access to government contracts through a Surety Bond Loan/Guaranty Program
and to provide technical assistance. This RFI solicitation seeks responses from surety
bond companies interested in working with these contractors.
4. General Instructions
Please note that this is an RFI issued solely for the purpose of determining interest.
Nothing in this RFI shall be interpreted as a commitment on the part of
MassDevelopment to enter a contract with any respondent or to make any procurement.
a. This RFI has been posted on August 24, 2026.
b. Respondent Questions. Potential respondents who have questions
regarding this RFI may e-mail them to Tricia Dandrow at
pdandrow@massdevelopment.com by September 30, 2026. Respondents
may only make inquiries and request clarification concerning this RFI by
written questions via e-mail. Responses to inquiries and clarification
questions will be provided via email.
c. Response Submission. All responses to this RFI are due no later than 5:00
p.m. on October 15, 2026. Respondents should submit one (1) electronic
copy via e-mail to pdandrow@massdevelopment.com.
d. MassDevelopment Contact Information. Please direct all
communications, questions, and responses to the following contact:
Tricia Dandrow
Vice President, Commercial Lending
MassDevelopment
99 High Street
Boston, MA 02110
774-312-0402
E-mail: pdandrow@massdevelopment.com

e. Additional Information. MassDevelopment retains the right to request
additional information from respondents. MassDevelopment may, at its
sole discretion, elect to request formal presentations from certain vendors
and/or create an RFR or RFQ which will include the detailed requirements
and key success criteria for the procurement and be based, at least in part,
on the responses received from this RFI. MassDevelopment may request
further explanation or clarification from any and all respondents during the
review process.
5. Costs.
By submitting a response, respondents agree that any cost incurred in responding to this
RFI, or in support of activities associated with this RFI, shall be the sole responsibility of
respondent. MassDevelopment shall not be held responsible for any costs incurred by
respondents in preparing their respective responses to this RFI.
6. Review Rights.
Responses to this RFI may be reviewed and evaluated by any person(s) at the discretion
of MassDevelopment, including independent consultants retained by MassDevelopment
now or in the future.
7. Public Record.
MassDevelopment is subject to the Massachusetts Public Records Law. As such,
materials submitted in response to this RFI may be subject to public disclosure.
However, MassDevelopment is not obligated to disclose trade secrets or proprietary
commercial or financial information submitted as part of an application for financial
assistance.
8. Information Requested.
a. Company Name (please list parent company as well)
b. Company Address
c. Company Website
d. Contact name and information (e-mail address required)
e. Provide a description of your company, including years of experience, and
the basis of your expertise in offering a response to this RFI, in particular
serving economically and socially disadvantaged businesses.
f. Provide a description of the surety bond products that your company
anticipates that it could provide under a Surety Bond Loan/Guaranty
Program, including pricing models.
g. Please describe the most common reason(s) surety bond product
applicants are declined in order of highest to lowest prevalence.
h. What intervention(s) would have the greatest impact on increasing
bonding approvals?

i. Which underwriting factors are most flexible if additional credit
enhancement is provided?
j. What historical loss/default rates have you experienced for:
i. Contractors under $1M revenue
ii. Contractors under $5M revenue
iii. Emerging contractors
k. What guarantee structure would be most useful?
i. Portfolio guarantee
ii. Transaction-level guarantee
iii. Reserve fund
iv. Reinsurance-style arrangement
l. If MDFA provided a guarantee, how much additional bonding capacity
could be generated?
m. How should contractors enter the program?
n. What intake and screening process would you recommend?
o. What information will be collected at intake?
p. What percentage of applicants would likely require TA before bonding?
q. At what stage should referrals occur?
r. Please provide any additional information you deem important.