Steps to follow to get your small business 8a certified
The SBA 8a program offer females, minorities and other economically or historically disadvantaged individuals and groups with favorable federal contracting set asides, bonding and financial assistance. After being accepted into the program as an 8a certified business, a company can remain for nine years and take the advantage of it as long as few criteria are met. The program allows firms acquire business development support and build relations with governmental agencies that they can leverage for additional business under the designation of ‘small business.’
Here are the steps, which you need to follow to get your small business 8a certified.
Make sure you meet the eligibility requirements
In order to be eligible, you need to own and control at least 51% of your business. Moreover, you should be a historically or economically disadvantaged persons or person. You cannot have a net worth of more than $750,000. Your business should have been in operation for a minimum of two years unless you can show other proof of business stability and viability. You should also be a good citizen of the U.S., have a moral character and should not have a personal bankruptcy on your credit report. Last but not the least; your 8a small business should not exceed the size standards as defined by the Small Business Administration.
Complete the basic preliminary registrations
Ensure you have a DUNS (Data Universal Numbering System) number and that you are enlisted with the CCR (Central Contracting Registration) database. In any case, if you do not possess a DUNS number, fill up an online registration form with Dun and Bradstreet to get one. Next, make sure that you visit the official website of CCR to get enlisted in its database. If you already have your business enlisted, you need to set up an account in General Log-in System of the SBA.
Complete the electronic application fully
You should save the draft copy when completing the electronic application. The system offers clear directions and user manual to help escort you all through the procedure. Make sure to explain your disadvantaged status and write a personal statement before completing the SBA 8a application. Also, collect all the documents that you will need for completing the application. Include them along with the application or that may be requested later.
Immediately respond to all requests for supporting documentation
The Small Business Administration typically needs 2-3 days turnaround time to submit these documents. The submission time is mainly for the electronic upload. This abridged response period is why it’s so essential to compile the projected documentation in advance.