When it comes to the strongly competed for Government Contracts, it is easy for small entrepreneurs to get lost in the event of securing contracts. This is likely due to large business entities that have strong zeal to obtain all the available government contract projects. The influence and the power game in a variety of industries marginalize small businesses at a real disadvantage. However, there is hope for small businesses that take advantage of the SBA 8(a) Certification. The following are some of the benefits that your small business can get from SBA.
1. Get into a world of opportunities
There is a great need for you to ensure that your business is accredited for an SBA 8(a) certification. After your small business is approved, you gain access to a world of opportunities. Your company can participate in the various business programs such as marketing assistance, executive development, counseling, and training programs that are offered by the SBA and their Partners. The section allows enterprises to receive direction for expertise and well-established companies.
2. Financial assistance
If your business attains the SBA 8(a) certification, it achieves eligibility for multiple business financial assistance. Some of the forms of this financial assistance include SBA-guaranteed loans, bonding assistance and access to surplus government supplies. Your business receives an opportunity to secure sole-source contracts. These contracts run to a maximum of $4 million and $6.5 million for goods and services and manufacturing contracts respectively. Additionally, the SBA helps organizations to establish and develop their institutional zeal. It also encourages the firms to participate in competitive acquisitions and also establish joint businesses with other 8(a) certified organizations with the aim of winning large contracts bids.
The SBA 8(a) certification takes more than nine years. Therefore, you enroll in a long-term plan. As part of this program, your business is carried through the development phase for the first four years. After attaining full development, your company is then taken advances to the transaction stage. The two stages are aimed at helping small businesses to groom into powerful entities that are well-established and can be independently competitive in the business market particularly in the government contracting programs.
4. A variety of SBA Programs
SBA provides various programs that are open for every small business. You can acquire any of the plans for your business depending on your preference. Some of these programs include Veteran-Owned Small Business Program, Women-Owned Small Business Program, 8(a) Business Development Program and Service-Disabled Veteran-Owned Small Business Program. There is also the Historically Underutilized Business Zone (HUBZone) Program. With the availability of the above programs, you have a variety of choices of the programs that meet your business needs and preferences.
The small business subcontracting requirement calls for agreement from both the small and large businesses. The program affects a contractor’s ability and eligibility for participating in various federal acquisitions. It also requires that any misrepresentation of size status may call for criminal swindle charges. It can also lead to Civil False Claims Act liability for organizations that table such fraudulent information. Therefore, the small businesses that have acquired SBA 8(a) certification are guaranteed to various government contracts.
Competition is always for the strongest. Therefore, small businesses may never win participation for government contracts and other huge business deals if they compete individually. It is for this reason that SBA certification becomes a helper in strengthening small businesses. This article aims mainly on improving your insight on the discussed benefits of achieving the SBA 8(a) Certification as a way to become a valid player in the government contracting programs.
Cherokee Nation Businesses is the economic engine of Cherokee Nation, the largest Indian Nation in the United States. The Cherokee Nation Businesses portfolio of companies offers its partners and clients all the advantages of a tribal-owned, 8(a), SBA- and HUBZone-certified, government contracting firm in Washington, DC. The unlimited opportunities for sole sourcing make it the minority supplier of choice.