SBA 8(a) Business Development Program is a crucial initiative offered by Small Business Administration (SBA) of the United States. It is specifically designed to help small businesses that are owned by socially and economically disadvantaged individuals. The primary goal of this program is to level the playing field by providing these businesses with a range of benefits including, but not limited to, federal contracting opportunities.
Eligibility for SBA 8(a) Business Development Program requires businesses to be at least 51% owned and controlled by U.S. citizens who are socially and economically disadvantaged. This program lasts for nine years, during which SBA provides various forms of assistance such as counseling, training, and marketing support. Furthermore, businesses under SBA 8(a) Business Development Program are also eligible for sole-source contracts, up to a ceiling of $4 million for goods and services and $6.5 million for manufacturing.
