Participating in the 8 a program can also make you eligible for:. SBA- guaranteed loans. Bonding assistance. Things you should know. The 8 a BD Program is divided over 9 years into two phases: a 4-year developmental stage and a 5-year transition stage; the overall goal of which is to graduate 8 a businesses that will go on to thrive in a competitive business environment.
You will also have to maintain a balance between your commercial and government business. SBA district offices will monitor and measure your progress through your participation in the 8 a BD Program making sure you are following the requirements and accomplishing goals. Only small businesses qualify for the 8 a Development Program. Make sure you demonstrate potential for success.
Instead, your business must demonstrate potential for success. SBA will probably want to see your business plan in order to judge the soundness of your business and its potential for success.
SBA will also want to see your business records for the past three years. Confirm you have only applied once. A business may only participate in the SBA program once. Even if management changes completely, the business is ineligible if it has already been accepted once before. Check if your business type is eligible. SBA declines applications from certain types of businesses. Part 2. Check if you fit into certain racial or ethnic groups. Members of certain ethnic groups have been subject to bias and hostility.
Under the 8 a Business Development Program, certain people are presumed disadvantaged when they belong to the following ethnic groups: [13] X Trustworthy Source U. Analyze if you might qualify on another basis. You might qualify on an individual basis if you present evidence of the following: [14] X Trustworthy Source U. You have personal experience of chronic and significant social disadvantage within the U. Your social disadvantage has negatively impacted your start in business or your advancement within it.
Identify the factors used to analyze economic disadvantage. It is not enough to be socially disadvantaged. To qualify for the 8 a Business Development Program, you also must show economic disadvantage. Whether you have transferred assets to a trust or an immediate family member.
Whether your retirement accounts are available. Your reinvestment into your business. The income your business has received when filing taxes as a partnership or as an S corp. You should gather the same financial information for your spouse as you have for yourself. Contact SBA with questions. If you are unsure about whether you qualify as socially or economically disadvantaged, then you can contact an SBA office or a resource center for help.
Type in your zip code or select a state to find the office nearest you. Assistance is free. Part 3. Identify the principals of your business. All principals in the business must meet the good character requirement.
Check if you will be automatically declined. PSB Final Bonds Guaranteed Bid Bonds Guaranteed Final Bonds Disaster Loans Loans to Microborrowers Loans to Microlenders 6.
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