What is Business Development Program 8?
The goal of the United States government is to give at least 5% of the budget to federal contracting to disadvantaged small businesses. So that you have a clearer idea about this proposal in Hispanic Entrepreneurs we explain to youWhat is the Business Development Program 8?
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 the structure of the company and if you participate in another program of the Small Business Administration (SBA) the information you must enter will vary. After completing the process you will be notified if the application was approved or not.
If the answer is positive, the profile will indicate the date of entry and exit from the program. This certification will last a maximum of 9 years, but it will be reviewed every year. Interested parties are encouraged to consult the "certification knowledge base", web portal where there are helpful tips and resources before applying.
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.
It helps socially and economically vulnerable entrepreneurs to have access to the mainstream of the economy in the United States. Help thousands of aspiring entrepreneurs to gain a foothold in 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, advice such as that provided Hispanic Entrepreneurs with SBDC of Clarskville, Tennessee to help entrepreneurs who need help in Spanish.
Likewise, they offer you assistance in marketing and development of high-level executives.l. I also support as a surety bond. Participants can receive contracts from a single source 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 not having previously participated in the business program 8. The business must be owned by at least 51% of a disadvantaged US citizen. This group includes African Americans, Hispanic Americans, Asian Pacific Americans, 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.