The 8(a) Business Development Program – the resource you didn’t know you needed
GSA shows its commitment to small businesses through the many resources made available to them. One beneficial resource which the Small Business Administration (SBA) has put into place is the 8(a) Business Development program. (GSA BLOG September 15, 2021)
The 8(a) Business Development program provides a fair and equitable opportunity for small businesses owned by socially and economically disadvantaged people or entities. The government does this by limiting competition for specific contracts to businesses that participate in the 8(A) Business Development program. (ibid)
Disadvantaged businesses the 8(a) program can take advantage of the following:
- Competition for sole-source and set-aside contracts
- Retention of a Business Opportunity Specialist to help navigate the federal contracting arena
- Joint ventures with well-established businesses through the SBA’s Mentor-Protege Program
- Management and technical support, business training, marketing assistance, and counseling (ibid)
Eligibility requirements for 8(a) status:
- Meet small business size standards
- No previous participation in an 8(a) program
- The small business must be at least 51% owned/controlled by U.S. citizens who are economically and socially disadvantaged
- Personal net worth must be $750K or less
- Exhibit good character and the ability to perform on contracts (ibid)
All prospects for the 8(a) Business Development program must be certified in order to participate.
Questions concerning your 8(a) small disadvantaged business status or how to go about being certified? Give us a call.