Today’s #TipTuesday comes from Mr. Darren Hargrove with Innovative Directions Investment Group (IDIG), LLC. He was our guest speaker at our December 21st Social Hour: 8(a) Lessons Learned.
The socially disadvantaged applicant must have total and complete control of the business. You must be able to demonstrate this through your operating agreement and other business documents.
Be prepared to disclose a lot of personal financial information. When completing the personal financial statement, all information submitted must be within 30 days of the date of the statement. Collecting this information during that short time-frame can be a challenge and requires planning.
Everything must match. Examples include personal tax returns, business tax returns, and your government registrations, including SAM.
You must be patient. The process could take multiple steps due to the review process. When questions do arise, you will receive a communication from the SBA.
Get a mentor who is already in the program. The upfront guidance from someone who has been through the process would have been invaluable.
Additional resources about the SBA 8(a) Program:
8(a) Program website: 8(a) Business Development program (sba.gov)
Eligibility tool: certify.SBA.gov