The Small Business Administration (SBA) uses the information submitted on the SBA 1010Forms to determine the applicant’s eligibility for the SBA 8(a) program. If you are seeking 8(a) certification you must complete Form 1010 and submit it to the SBA.
The SBA 8(a) Business Development program is designed by the SBA as an assistance program to help eligible disadvantaged small businesses compete in the American economy. Participation in the program gives businesses an opportunity to become more competitive within their field. A specific form must be filed depending on the business owner’s background.
There are seven SBA 8(a) Loan application forms in total:
The SBA 8(a) Business Development Program helps small businesses owned, controlled, and operated by socially and economically disadvantaged individuals by providing management, technical, financial, and federal contracting assistance with the aim of helping these entrepreneurs create viable businesses.
The advantages of participating in the BD Program are:
The SBA has set detailed eligibility requirements if a certain business can participate or not. A business must be small and be unconditionally owned and controlled by one or more socially- and economically disadvantaged individuals who are of good character. There are some separate requirements for businesses owned by Indian Tribes, Alaska Native Corporations, Native Hawaiian Organizations, and Community Development Corporations. The business must maintain its eligibility throughout the course of its participation.
The SBA 8(a) BD Program participation is one time. So, if the business has already participated in this program before, it is impossible to apply again. Although there are some specifics in rules for Tribes, ANCs, NHOs, and CDCs.
The SBA 8(a) BD program application process is lengthy. It is obligatory to gather a number of documents related to the finances of the business and the disadvantaged individuals who own and manage a business. It is possible to either complete a paper application or fill out forms online. Free assistance is available from the closest SBA office or SBA-approved resource center.