People, who find it difficult to give shape to their commercial aspirations owing to their economic or social disadvantages, can apply for an 8a certification. The 8(a) BD program refers to the SBA or Small Business Administration owned program in the United States of America. This certification offers help to small business owners to place themselves competitively in the business world by securing federal agreements. There are a number of reasons why a particular individual might find oneself grappling socially or financially and ethnic, cultural and racial discriminations are some of the major reasons among them. Unfortunately, if you’ve been a subject of these prejudices and are looking to boost your business at present, you can take help of this program. However, you would be required to fulfill certain criteria in a bid to qualify. Find out more about what it takes to get approved for this program, how it benefits you, etc. here.
The 8 A Certification or program is primarily aimed at helping out small businesses, led by socially disadvantaged individuals. You would be acquainted with the details of this certification in particular as you further go through this post. But at first, let’s discover who these “socially or economically underprivileged individuals” are.
In the context of 8a certification, a socially or economically disadvantaged individual is someone who has been a subject of cultural, racial or else ethnic discriminations, without any fault of his own. Aside from their social adversities, these individuals are faced with economic concerns as well- owing to which they find it difficult to gain a foothold in the world of business. The economic impediments might be endangered by damaged credit or else lack of substantial funds. Please note here, that you would not really be considered to be financially underprivileged if your net worth exceeds $250,000 US dollars.
How Does 8a Certification Help?
Now, in the United States of America, the 8(a) BD program is regarded as a part of the United States Small Business Act, that’s applicable on Small Business Administration. The program, basically, helps you to obtain Federal contracts for your businesses if you’re not in a position to do that independently. If you have been subject to the aforementioned prejudices, it becomes difficult for you to secure due agreements. This is where, attaining an 8a certification helps.
However, you have to furnish some details in order to qualify for this program. What’re they? Let’s find out:
Please note that federal contracts are not really available for each and every type of business product or service. Generally, they can be secured for office support, construction, technology or manufacturing industries.
Some Facts about Eligibility
• You have to be in the business, for at least 2 years, before you’re applying for the certification.
• You have to submit details of your business plans to the concerned authorities.
• You would be required to submit your financial statements as well.
Please note that the business does not necessarily have to be owned completely by a socially or financially deprived person, in order to qualify. The socially disadvantaged individual in question should have, at least, 51% shares in the company.
You might as well apply for the contract if you’re a Caucasian woman.
Your application for the certification will not be approved if your net worth is over $250,000 US dollars. However, this “net worth” is not inclusive of your home and business equities.
How Would You Acquire this Certificate? A Valuable Advice
If you’re looking forward to bolster your entrepreneurial ambitions, you have to ensure that you’re adopting a systematic approach when it comes to filing your application for the 8a certification. An unsuccessful tender, submitted initially, can harm chances of your future applications as well. A valuable advice in this regard would be to turn to a reliable 8a certification specialist who can help you to draft your first application with accuracy, precision and care. Make sure you’re dedicating some time in conducting an online research on the leading 8a certification specialists in the market.