Determine your 8(a) Program Eligibility

Are you exploring the possibility of applying for the SBA 8(a) Program?

Don’t know where to start? The first step is to find out if you meet the SBA’s 8(a) Program eligibility requirements before you decide to take the leap into the complex 8(a) Application.

Ten Resume Tips for 8(a) Applicants

Every individual claiming disadvantage status, as well as each officer, director, partner, member, key employee or holder of 10% or more ownership interest in the firm applying for the 8(a) Program must submit a detailed personal resume.

Here are 10 important tips to make sure these individual’s resume contain all information required by the SBA.

Items needed to complete your 8(a) and EDWOSB Personal Financial Statement

The following is a detailed list of items needed to complete the Personal Financial Statement section of your 8(a) or EDWOSB Application.

Please note, this list may or may not cover every personal asset or liability you may have and should serve as only a general list.

All amounts reported to the SBA must be no older than 30 days old when submitted to the SBA.

Please note. We have a Personal Financial Statement Worksheet for purchase that will help you collect, track and ensure that your Adjusted Net Worth is less than the SBAs regulatory limit.

8(a) Program Ownership vs. Control

Control is not the same as ownership. For example a disadvantaged individual may own 51% of the business that is applying for 8(a) Certification but they may be found to not unconditionally control the company by the SBA.

The SBA regards control as including both the strategic policy setting exercised by boards of directors and the day-to-day management and administration of business operations of the business.

8(a) Program Community Property Laws Explained

124.104 Who is economically disadvantaged?

(2) When married, an individual claiming economic disadvantage must submit separate financial information for his or her spouse, unless the individual and the spouse are legally separated. SBA will consider a spouse’s financial situation in determining an individual’s access to credit and capital where the spouse has a role in the business (e.g., an officer, employee or director) or has lent money to, provided credit support to, or guaranteed a loan of the business. SBA does not take into consideration community property laws when determining economic disadvantage.

Where to obtain a Certificate of Good Standing

When applying for the 8(a) Program you are required to provide the SBA with a copy of a current Certificate of Good Standing that is no older than 90 days old when your 8(a) application is submitted. Some States refer to the the Certificate of Good Standing as a Certificate of Existence, Compliance, Status or Authorization. Here are links to obtain this required document.