Monday, June 7, 2010

Changes in the SBA 8a program in 2010

SBA 8a, as all of us know is an very beneficial business certification program that allows economically or socially disadvantaged businesses to get different federal contracts & other preferences. This certification is very much important for small businesses & helps in its growth & development in every feasible way. However, obtaining a SBA 8a Certification is a process that demands plenty of time & honest sincere hard work. But you must keep in mind that it is a one-time sincere hard work with an overwhelming long-lasting result.

In this regard it must be mentioned that the SBA 8a Certification is only given to those businesses which are i) small businesses according to the SBA standard, ii) owned & operated by one or more socially or economically disadvantaged U.S. citizens & iii) have the potential to grow & become successful. If your business conforms to all the two basic application eligibility criteria, you can start preparing your application for the 8a Certification.

The Small Business Administration or SBA has announced some new designs for the 8a Business Development program over 2010. Following is a fast update of the kind of changes economically or socially disadvantaged small businesses can expect in the SBA 8a program this year:

1. The most promising plan the SBA has proposed is to bring 10 major changes to the 8a program that are still under consideration. Also there is a proposal for increasing the standardized size of small business, so that more companies can be classified as small businesses & thus get different benefits including the business contracts that are set aside only for ‘small businesses’. According to industry analysts, these changes will make the program more flexible & increase the chance for more companies to participate in the SBA 8a program.

2. The federal agency further has planned to “provide international trade leads to 8(a) firms in order to increase the competitive mix of those firms interested in international trade opportunities” by offering 8a Certified firms its 7(i) Management & Technical Assistance program.

3. In order to help refine 8a & HUBZone programs, the agency’s fiscal year 2010 budget request demands for a $2 million additional funding over last year’s funding level. It says that the additional funding is necessary to support the otherwise understaffed & under-funded SBA 8a program to handle & manage the recent boost in 8a application.

4. In 2010 the SBA 8a program targets to assist at least 9,457 small businesses with government contracting opportunities in order to surpass 2008 levels, which was 9,122.

5. The SBA is further planning to implement a new & highly advanced online tracking device. This device will help the agency to monitor the general performance of a certified companies in achieving their business goals in a much better way. It would also provide more efficient technical assistance to the 8a firms.

However, taking a look at all the proposals & designs of the SBA, it can be assumed that small businesses will have better growth opportunities in 2010. So, let us all keep our hopes high & wait for the modified SBA 8a program to be implemented in the process.

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