The federal government claims each 8a application will be evaluated in 105 days or less, but varies considering in mind the paper work, availability of the SBA staffs, the amount of work load, & how perfectly you have drafted your application.
8a certification program of the Small Business Administration (SBA) states that a socially and economically disadvantaged business veteran must unconditionally control the daily operations and management of the company that applies for SBA 8a certification. Now, even after meeting all the other eligibility criteria it has been found that many businesses end up being cancelled by the SBA authority for they fail to come up with all the required documents at the time of application processing. According to the 8a consultants, most of the business veterans who are interested in applying for the certification remain all confused about what actually SBA means by the unconditional control and what are the eligibility criteria SBA uses to evaluate the eligibility status of a business.
It is highly advisable that you hire an efficient 8a consultant. An experienced professional can provide you complete guidance throughout the program to make your way smoother and faster. Direct referrals are always helpful to get the best 8a consultants . As far the confusion about 8a certification program is concerned, you must always remember that the basic eligibility criteria are nearly same for all federal small business development programs. To the very first place you need to ensure that you hold the highest authority in the company which you are applying the certification for. Check with the bylaws and operation agreement to find what it calls your designation, if it is the President then you must never address yourself by CEO or anything else in the official paper. Also you must ensure than being an applicant you are the highest paid member of the company.
After that you need to review your company formation records to determine if your 51% or more ownership is properly documented there. Here your signatory authority and daily contract negotiations with clients and vendors prove your control over the organization, which is required by the SBA 8a authority. You must ensure that all employees and staff members- including all other directors, officers and co-owners ultimately report to you. The 8a consultants always advice that you should scale down or better yet eliminate your involvement in other companies while applying for the 8a certification program so that you can dedicate yourself full time to the operation and success of your own business. in fact, that adds value to your candidature at time of application processing.
Check with your company tax return to ensure current ownership percentages are stated on them. If the ownership percentages of your company have recently been changed it is essential to report those changes to your accountant or tax prepare so that all of your company and personal tax records demonstrate you own 51% or more of the business. To get more information about the 8a certification program and eligibility issues. It is advisable that you contact with an advanced 8a consultant right away.
