On September 29, the Small Business Administration (SBA) announced that it will reopen its Certify portal to new applicants seeking admittance into the SBA 8(a) program, a critical announcement that underscores the commitment of the SBA to foster small-business growth.
The SBA 8(a) program is a business development program established to aid socially and economically disadvantaged small businesses. The purpose of the program is to provide a level playing field for these businesses to compete in the marketplace, thereby promoting economic diversity. The program offers a broad variety of benefits, and to be eligible, a company must be a small business that is unconditionally owned and controlled by one or more socially and economically disadvantaged individuals who are of good character and citizens of the United States, according to the SBA official website.
Through the SBA 8(a) program, eligible businesses can be awarded government contracts on a sole-source basis and are also permitted to form joint ventures and teams to bid on contracts, which can be a significant competitive advantage. This is why the reopening of the Certify portal is of great importance – it signifies that more opportunities are opening up for businesses that are at a disadvantage.
This update comes courtesy of Bass, Berry & Sims PLC on JD Supra.
Legal professionals, especially those working with small businesses and startup law firms, should be aware of this update and consider how it might affect their clients as well as potential initiatives that might benefit from this program.