8a certification is by far the best way to free your small business from the pangs of financial instability. Every business has its own niche, so does the requirement for every business vary. In order to cement the foundation of your small business in the US soil, the best option is to opt for 8a certification. But getting this coveted certification is not a cake walk. Your business has to fulfil certain criteria in order to become eligible for the 8a certificate. Hence, before you apply for the certification it is ever so important for you to have a clear understanding about what the qualifications are, and how you can make your company eligible to apply for the same. Read on to know more.
The SBA or Small Business Administration overlooks the awarding of 8a certificates to small businesses upon fulfilment of the criteria put forward by them. The SBA website provides a detailed mention of all the qualifications that small businesses must abide with in order to become eligible to apply for the 8(a) certificate. However, you might find reading the long list a task too tedious. So we have summarized the major 8a certification qualifications to help you get the big picture in a nutshell.
Here is the overview of the requirements for applying for 8(a) certification –
• Your small business should be majorly owned by yourself. That is, the applicant must have a lion share (at least 51% share to his name) of the business ownership.
• You must be a born American or a naturalized citizen of the United States of America.
• As a business owner you must belong to one of the socially disadvantaged communities of the USA
• You should be in a position to manage your business full time
• If you have a business partner(s); they too are required to be members of socially and economically disadvantaged communities, as per US laws.
• Above all the business that you’re applying for to get 8(a) certified must be a ‘small business’
• Your small business must exhibit a potential for market success
• You should have a good credit score and that your business has a good principle record.
• Finally you must know that there are separate eligibility parameters in the SBA rule book for those applicants who are one of the Native Alaskan communities, Hawaiians or American Indians.
Now that you know the different 8a certification qualifications, see for yourself whether you’re qualified and then apply. It is best to consult an 8a consultant in order to determine your eligibility. If you satisfy all requisite parameters put forward by SBA, the consultant can guide you achieve the coveted certificate in quick time.
