How do you get 8a status?

8a eligibility guidelines

1. Disadvantaged individuals must own at least 51 percent or more of the firm.
2. They must be an American citizen, by birth or naturalization.
3. They must have direct ownership of the business, which cannot be owned through another firm trust (with the exception of certain living trusts).

How long does it take to get SBA 8a certified?

about 90-120 days
Normally, 8a SBA certification process takes about 90-120 days on average. However, if the application had any inconsistencies or errors, certification may take much longer.

How much does 8a certification cost?

Before we get into that, a brief note on 8a certification cost: it is free, and you can apply DIY if you want.

What is 8a business?

An 8(a) firm is a small business that is owned and operated by socially and economically disadvantaged citizens and that has been accepted into the 8(a) Business Development Program.

What are the benefits of 8a certification?

Other advantages include: the 8a companies may also form joint ventures and teams to pursue larger prime contracts and participate in the mentor-protégé program to help grow business, and take advantage of specialized business training, counseling, marketing assistance, and high-level executive development provided by …

How long does 8a status last?

nine-year
The 8a program has a nine-year life span which is divided into two phases: an initial four-year developmental stage and a final five-year transition stage.

What is required for 8a certification?

For the 8(a) program this means all applicant individuals must have a net worth of $250,000 or less, excluding the value of the business and personal residence. Must be in business for at least two years or apply for a waiver of the two-year requirement.

What is an 8 A applicant?

What is the 8(a) Business Development Program? The 8(a) Business Development Program is a business assistance program for small disadvantaged businesses. The 8(a) Program offers a broad scope of assistance to firms that are owned and controlled at least 51\% by socially and economically disadvantaged individuals.

What is a Super 8a company?

Super 8(a) businesses are firms that are owned by Indian tribes, Alaskan Native Corporations (ANCs), and Native Hawaiian Organizations (NHOs). An agency may make a sole-source award above this threshold to an Alaskan native corporation or a firm owned by an Indian tribe.

What is the difference between 8a and small business?

Program overview The 8(a) program is a robust nine-year program created to help firms owned and controlled by socially and economically disadvantaged individuals. Small business development is accomplished by providing various forms of management, technical, financial, and procurement assistance.

How difficult is it to get an 8a?

It takes a lot of companies over a year to get certified and approximately 70 percent of all applications to the SBA are rejected. Almost all applicants face at least one challenge during the process.

How do you win a sole source contract?

To be considered for a sole-source contract, register your business with the System for Award Management (SAM) and participate in any contracting program you may qualify for. In some cases, sole-source contracts must be published publicly, and will be marked with an intent to sole source.