Are you thinking of applying to be a participant in the SBA’s 8a program? If so, did you know that the SBA will waive the 2 year in business experience requirement if each of the following five conditions are met:
- The individual or individuals upon whom eligibility is based have substantial business management experience;
- The applicant has demonstrated technical experience to carry out its business plan with a substantial likelihood for success if admitted to the 8(a) BD program;
- The applicant has adequate capital to sustain its operations and carry out its business plan as a Participant;
- The applicant has a record of successful performance on contracts from governmental or nongovernmental sources in its primary industry category; and
- The applicant has, or can demonstrate its ability to timely obtain, the personnel, facilities, equipment, and any other requirements needed to perform contracts as a Participant.
There are any number of other factors that go into the SBA’s decision to admit you into the 8a program, but it may not be necessary to wait for two years to apply!