The Bonded Business Boom: Where Growth Is Surging

Contractors, freight brokers, auto dealers, mortgage professionals, and other regulated businesses often need a surety bond before they can begin operating. Growth in these industries can therefore offer a window into where new business activity is gaining momentum.

To find the states leading this bonded business boom, we analyzed U.S. Small Business Administration lending and Surety Bond Guarantee program data from fiscal years 2022 and 2025. We compared changes in activity across bonded industries and examined how many jobs these programs support relative to each state's population. The findings reveal where regulated business opportunities are expanding, and where activity is losing ground.

Key Takeaways

• New Hampshire is the fastest-growing state for bonded businesses in America.
• Alaska is the slowest-growing state in America for bonded business growth.
• New Hampshire had the largest surge in surety bond activity of any state, with bond counts jumping 3,400% since 2022, from just a single bond to 35 in 2025.
• Delaware had the steepest decline in bond activity nationally, with SBG bond counts down 93% since 2022, followed by Iowa (-81%) and Alaska (-79%).
• New Hampshire also led the nation in growth in bonded contract value, with SBG dollar volume up 975% over the same period.
• Wyoming supports more bonded jobs per resident than any other state, with 49.3 bond-supported jobs per 100,000 residents.

Where Bonded Businesses Are Growing Fastest

This ranking uses SBA 7(a) loan data filtered to industries commonly associated with bonding requirements, including contractors, freight and moving businesses, insurance, mortgage and lending professionals, auto dealers, notaries and title companies, and collection agencies. It also incorporates activity from the SBA's Surety Bond Guarantee (SBG) program, comparing fiscal years 2022 and 2025.

• New Hampshire ranked No. 1 overall for bonded business growth, followed by Vermont at No. 2.
• Louisiana ranked third overall, driven by a 280% increase in SBA 7(a) loan count and a 462% increase in loan dollar volume.
• Montana and Wyoming completed the five highest-ranked states for bonded business growth.
• Alaska ranked last overall, with SBA 7(a) loan dollar volume for bonded industries falling 97% between 2022 and 2025.

Where Bonded Business Activity Runs Hottest & Coldest

State-level extremes reveal that the leading location depends on how bonded business growth is measured. The following comparisons cover changes in SBA lending, SBG bond activity, and bond-supported jobs per resident.

• New Hampshire led SBG contract value growth at 975%, ahead of Vermont (814%) and Idaho (336%).
• Delaware had the largest decline in SBG contract value at 94%, followed by Iowa (88%) and Wisconsin (76%).
• Louisiana led 7(a) loan dollar volume growth at 462%, ahead of Montana (382%) and North Carolina (207%).
• Alaska had the steepest drop in 7(a) loan dollar volume at 97%, followed by Rhode Island (92%) and West Virginia (90%).
• Wyoming has the highest number of bonded jobs per capita, at 49.3 per 100,000 residents.
• Rhode Island supports the fewest bonded jobs per resident, at 0.72 per 100,000, followed by Alaska (0.95) and New Jersey (1.23).

• New Hampshire had the largest increase in SBG bond count at 3,400%, followed by Vermont (2,600%) and Alabama (171%).
• Delaware recorded the steepest decline in SBG bond count (-93%), followed by Iowa (-81%) and Alaska (-79%).
• Louisiana led SBA 7(a) loan count growth (280%), followed by Hawaii (167%) and New Mexico (133%).
• Alaska recorded the largest decline in 7(a) loan count (-86%), followed by West Virginia (-64%) and North Dakota (-56%).
• Some of the largest percentage increases began with relatively few bonds, including New Hampshire's rise from just one SBG bond to 35.

New Paths to Bonded Business Ownership

Bonded business growth varies sharply across the country. New Hampshire and Vermont saw substantial increases in surety bond activity, while Louisiana led the growth in SBA-backed lending to bonded industries. Wyoming, meanwhile, stood out for the number of jobs supported relative to its population.

These results suggest that opportunities in regulated small businesses extend beyond traditional contracting. Freight, auto sales, mortgage services, insurance, title services, and other bonded professions may provide additional paths to entrepreneurship as local demand and access to financing change.

The findings also show why percentage growth needs context. States beginning with only a few loans or bonds can post dramatic increases after relatively modest gains in activity. Considering the underlying counts, dollar values, and supported jobs together offers a fuller view of where bonded business momentum is strongest.

Methodology

To identify the states seeing the strongest growth in bonded business activity, we analyzed two SBA datasets: 7(a) loan data and Surety Bond Guarantee (SBG) program data.

For the 7(a) loan analysis, we filtered the full loan-level dataset to seven NAICS-defined categories representing industries most commonly associated with bonding requirements: Contractors, Insurance, Freight/Movers, Auto/Vehicle Dealers, Mortgage/Lending, Notaries/Title, and Collections.

7(a) and SBG are distinct SBA programs measuring different forms of financial activity (lending vs. bonding); some businesses may participate in both programs, but each dataset is treated as an independent growth signal in the composite rather than combined into a single dollar figure.

For each dataset, we aggregated loan/bond count and total dollar volume (Gross Approval for 7(a); Original Contract Amount for SBG) by state, comparing fiscal year 2022 against fiscal year 2025. From these totals, we calculated each state's percentage change in loan/bond count and percentage change in dollar volume between 2022 and 2025.

The overall ranking uses a composite score based on standardized metrics, weighted as follows:

• 7(a) loan count % change (22.5%)
• 7(a) dollar volume % change (22.5%)
• SBG bond count % change (22.5%)
• SBG dollar volume % change (22.5%)
• Bond-supported jobs per 100,000 residents (10%)

Large percentage changes should be interpreted alongside the underlying counts because states beginning with very little activity can record substantial growth rates after relatively small numerical increases.

About Lance Surety Bonds

Lance Surety Bonds provides surety bond solutions for businesses and professionals across the United States. From contractors and auto dealers to mortgage professionals and freight brokers, Lance offers a wide range of commercial bonds designed to help businesses meet licensing and regulatory requirements.

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