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How do small businesses prepare for the application process that small business development is accomplished by providing various forms of management, technical, financial, and procurement assistance.
The 8(a) Business Development Program, commonly known as the "8(a) Program," is a federal government initiative designed to assist eligible, certified small businesses in obtaining sole-source and limited competition contracting opportunities.
Learn in GET RESULTS: Preparation for 8(a) Business Development some key points about the program that can make the difference in being successful:
1.) Eligibility: To qualify for 8(a) certification, a business must be at least 51% owned and controlled by individuals who are socially and economically disadvantaged. These individuals can be of any sex or heritage.
2,) Application Process: The application process involves a thorough review of the applicant's business, including business documents, company tax returns, personal tax returns for some owners, and on-site interviews. The Small Business Administration (SBA) evaluates ownership, control, social and economic disadvantage, business acumen, experience in the government market, revenues, and number of employees.
3. Nine-Year Program: The 8(a) program has a nine-year life span, divided into an initial four-year developmental stage and a final five-year transition stage.
4.) Benefits and Challenges:
Benefits: 8(a)-certified businesses can access set-aside and sole-source contracts. Over $40 billion in federal prime contracts were awarded to 8(a) certified businesses in fiscal year 2017.
Challenges: The certification process is extensive, and not all 8(a)-certified companies see a significant increase in revenues. Active marketing efforts are crucial for success.
