The United States government aims to allocate at least 5% of its federal contracting budget to disadvantaged small businesses. To give you a clearer understanding of this proposal, Hispanos Emprendedores explains what Business Development Program 8 is.
How to get certified as a small business?
In order to enter the business development program, you must be certified as a small business. It's very simple, you just have to go to the certify.SBA.gov website. You must first create a profile on SAM.gov.
Depending on your company's structure and whether you participate in another Small Business Administration (SBA) program, the information you need to enter will vary. After completing the process, you will be notified whether your application was approved or not.
If the answer is yes, the profile will indicate the program's start and end dates. This certification will last a maximum of nine years but will be reviewed annually. Applicants are advised to consult the "Certification Knowledge Base ," a web portal with helpful tips and resources, before submitting their application.
What is Business Development Program 8?
In order to provide a level playing field for small businesses owned by disadvantaged individuals or entities, the US government created a business assistance program.
This program helps socially and economically vulnerable entrepreneurs access the mainstream economy in the United States. It helps thousands of aspiring entrepreneurs gain access to public procurement.
Through the business development program 8, low-income companies have the opportunity to compete in reserved and exclusive supplier contracts in the program.
In addition, they obtain the assistance of a specialist who helps them analyze federal contracting. They can form joint ventures with established businesses through the Small Business Administration (SBA) Mentor-Protected Program to opt for larger contracts.
They also receive technical and administrative assistance that includes business training and advice, such as that provided by Hispanos Emprendedores with SBDC of Clarksville, Tennessee, to help entrepreneurs who need help in Spanish.
They also offer assistance in marketing and executive development, as well as surety bond support. Participants can receive single-source contracts up to a maximum of $4 million for goods and services, and $6.5 million for manufacturing.
Business Development Program Requirements 8
The first requirement is to be a small business. This is measured by the size of annual revenue or the number of employees (less than 1.000). Have a personal net income of 750 thousand or less, adjusted gross income of 350 thousand or less for 3 years or assets of 6 million dollars or less.
Another requirement is that the company must not have previously participated in the business program. The company must be at least 51% owned by a disadvantaged U.S. citizen. This group includes African Americans, Hispanic Americans, Asian Pacific Islanders, Asian Americans, and Native Americans.
As well as those who show social disadvantage because they come from an isolated background from American society. You also have to show good reputation and potential to fulfill contracts.
