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In addition to meeting the numerical standards for small, your business must: Be a for-profit business of any legal structure. Be independently owned and operated. Not be nationally dominant in its field. Be physically located and operate in the U.S. or its territories.
Once SBA has determined the application is complete, SBA has 90 days to process the application and render a decision. Once certified, your profile in SAM and Dynamic Small Business Search will show your approval date and exit date for the 8(a) program.
Form 770 is the financial statement of debtor that is used by SBA servicing centers for actions that require current financial information for a specific borrower or debtor.
You might find some jobs worth $20,000 or less, which definitely is profitable for a small business, but 8a contracts are a bit different and potentially more profitable. With 8a contracts, small businesses that provide products or services can earn up to $4 million.
Some of these changes are also highlighted below. Effective December 2022, SBA adjusted the thresholds used to determine economic disadvantage for inflation. The net worth of an individual claiming economic disadvantage was changed from $750K to $850K. The adjusted gross income increased from $350K to $400K.
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8(a) certification is a path to new. business growth. The 8(a) BD Program diversifies small businesses revenue streams with federal contracting dollars. Once certified, 8(a) participants have access to new business paths to create jobs through increased revenues from government contracting.
Your firm must be at least 51% owned and controlled by US citizens who are socially and economically disadvantaged. You must have a personal net worth of $850 thousand or less, adjusted gross income of $400 thousand or less, and assets totaling $6.5 million or less. You must demonstrate good character.
Applications are processed electronically. Visit the application website at docHub.sba.gov to access checklist tools, training, and information that provide guidance prior to applying.

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