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SBA program helps disadvantaged owners
WASHINGTON – Dec. 12, 2013 – The U.S. Small Business Administration (SBA) created a program that offers help to small companies that face a challenge related to a social or economical disadvantage faced by the owner.
The 8(a) Business Development Program offers a range of assistance options to firms owned and controlled at least 51 percent by these individuals –¬– a tool to help these “entrepreneurs gain access to the economic mainstream of American society. The program helps thousands of aspiring entrepreneurs to gain a foothold in government contracting.”
The program is divided into two phases: a four-year developmental stage and a five-year transition stage.
Participants can receive sole-source contracts up to a ceiling of $4 million for goods and services, and $6.5 million for manufacturing. SBA, through 8(a), helps firms build their competitive and institutional know-how, and encourages them to participate in competitive acquisitions.
Requirements and goals
The overall program goal is to graduate 8(a) firms that go on to thrive in a competitive business environment. There are some requirements in place to help achieve this goal. Program goals require 8(a) firms to:
• Maintain a balance between commercial and government business
• Limit the total dollar value of sole-source contracts that an individual participant can receive in the program: $100 million or five times the value of its primary NAICS code (The North American Industry Classification System (NAICS) is the standard used by Federal statistical agencies in classifying business establishments.)
SOURCE: © 2013 Florida Realtors®
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