8(a) Business Development Program
8(A) BUSINESS DEVELOPMENT PROGRAM
The 8(a) Business Development Program is a nine-year business development assistance program for small disadvantaged businesses. The 8(a) Program offers a broad scope of assistance to firms that are owned and controlled at least 51% by socially and economically disadvantaged individuals.
Businesses in the program receive training and technical assistance to strengthen their ability to compete effectively in the American economy.
To qualify for the 8(a) program, businesses must
- 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 $750 thousand or less, adjusted gross income of $350 thousand or less, and assets totaling $6 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.
Learn more about the 8(a) Business Development Program at www.sba.gov.
For additional information on this topic, please contact Benjamin Blanc on our staff at benjaminb@wispro.org or 414-270-3600.