8(a) Program: It’s Back and Accepting New Applicants!
If you couldn’t apply for the 8(a) program because of the recent temporary stop of accepting new applicants into the program, you’re in luck, the 8(a) program is now accepting and approving new applicants!
However, there was a big change put in place which allowed the SBA to begin accepting applicants: a requirement to submit a social disadvantage narrative.
While you can use this guide to help you write your narrative, our experience has shown that it is advantageous to bring in a team like Squared Compass to both help get you into this government program as well as identifying and helping you win government opportunities.
How to Qualify for the 8(a) Program
Businesses must meet the following eligibility criteria:
Be a small business
Not have previously participated in the 8(a) program
Be at least 51% owned and controlled by U.S. citizens who are socially and economically disadvantaged
Have a personal net worth of $850 thousand or less, adjusted gross income of $400 thousand or less, and assets totaling $6.5 million or less
Demonstrate good character
Demonstrate the potential for success such as having been in business for two years
8(a) certification lasts for a maximum of nine years. The first four years are considered a development stage and the last five years are considered a transitional stage. Continuation in the program is dependent on staying in compliance with program requirements.
Regardless of which path you choose, if you can leverage the 8(a) program to grow your business, do it.
If you aren't a Squared Compass partner, what are you waiting for? From getting your business set up with specific government set aside programs at both the State and Federal level, to being empowered by a Fractional Capture team, to receiving up to 5 tailored to your business government opportunities per month Squared Compass delivers immense value which helps propel our partners to success. Schedule a chat with our Advisory Team today.
