Small businesses are the economic engine of the U.S. economy, and fostering their growth is essential for sustained economic vitality and social prosperity. The Federal 8(a) Business Development Program plays a vital role in empowering disadvantaged entrepreneurs. It has its roots in the Small Business Act of 1953 and, over the decades, has become crucial in providing a level playing field for small businesses owned by individuals who have historically faced challenges competing in the federal procurement marketplace. Surety Bond Professionals is a family owned and operated bonding agency with over 75 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. How the 8(a) Program Works Under the 8(a) program, the SBA enters into contracts with other federal entities in the role of prime contractor. SBA then awards subcontracts either competitively or on a sole-source basis to certified 8(a) program participants that will execute the work. Eligibility Criteria To participate in the 8(a) Program, businesses must meet the criteria established by the SBA: The business must qualify as a small business by SBA standards, which are based on industry-specific criteria such as...
Read more
