There is a list of eligibility criteria for the 8A Certification program. All these criteria are essential to determine if your company is eligible for the 8(a) Business Development program. If you fail to meet any one of these criteria, you might need six to twelve months to make the essential changes to your company setup in order to bring it into compliance with SBA 8a regulations. The eligibility criteria are broadly as follows: To the very first place you have to be a socially or economically disadvantaged individual experiencing a persistent discrimination on the basis of race, gender, culture or some other factors. At the time of application you have to provide SBA proof of the discrimination for which you need the grant. Apart from that, to win a minority business certification you have to demonstrate that you truly own a small business, which means, the personal net worth of your business must not exceed $250K. Also the total market valuation of all assets in your company must not exceed $4 Million as per SBA standard. If you are applying for the 8A certification, you have to be the highest paid person in the company with more than 51% independent and direct ownership. But the same time, your salary must be reasonable for the company revenue too. If you are found to take the 95% of your company’ total earning, you will be charged for excessive withdrawal by the SBA authority. As per the federal standard, gross income of a small business owner must be under $200K. At the time of application you must have the proof of your US citizenship with a birth certificate, passport and/or other essential documentations. You essentially need to provide your portfolio of clients/projects by means of a substantial contract performance history. It is better if you can present the documents of at least one contract completed within the most recent months. In case you are seeking for the SDVOS grant, it is advisable that you look into the unexercised stock options held recently. This factor is considered by the Small Business Administration as a significant issue. The applicant firm and all of its owners must have a good moral standing to be eligible for the 8A Certification grant. Applicants on parole or with any kind of felony convictions can never enjoy the benefits of 8 a certification program. So, you can say a good moral character is an essential factor for the federal small business development program. No unpaid federal obligations will be entertained by the authority. Age of your company and financial ability will also be considered at the time of certifying a company 8a small business. Well, this is not the end, but there are many other eligibility conditions you have to meet in order to obtain a minority business certification. In fact, the norms can be changed with program revision. Therefore, it is advisable that you do a thorough research over net on the federal small business development program to get the program details and also to avoid the application hassles.
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