Although there are numerous funding opportunities available for helping disabled individuals to pursue their educational goals, there are unfortunately a pitiful few available that the federal government can offer to help disabled individuals startup their own businesses.
8(a) Business Development Program from the Small Business Administration (SBA)
Strictly speaking, there are no grants offered by the federal government that are specially designed to offer funding assistance for disabled individuals to start up their own businesses. The 8(a) Business Development Program, however, could be of help in certain circumstances.
The 8(a) Business Development Program, together with the Small Disadvantaged Business Certificate Program, are designed by the SBA to offer business assistance not only to disabled individuals but also to those are disadvantaged in other ways.
Benefits of 8(a) Business Development Program
If you are deemed eligible to receive assistance from this program, you can look forward to enjoy various benefits, some of which are listed below.
Improved Regulation Permits
Applicants will now find it easier to obtain startup business grants through this program thanks to its new and improved regulation permits. Now, the SBA is working with other companies as well as various federal agencies in order to expedite the application process and make funds available more quickly for grantees.
If you are not disabled, you need not worry because the new rules also allow people suffering from other types of disadvantages to apply.
Mentor-Protégé Program
The 8(a) Business Development Program will not only offer business grants to disabled individuals but it also gives you the opportunity to learn tips and tricks from the very best in the field.
The Mentor-Protégé program gives disabled individuals the rare chance to become a protégé of the most well-known and experienced mentors in their chosen fields. Thanks to the 8(a) Business Development Program, you’ll not only have the funds to start your own business but you’ll also learn the best way to make your business grow and how to maximize your profits.
Contracting and Subcontracting
When you become eligible for the 8(a) Business Development Program, the SBA will also make it a point to give you substantial advice as to how to best win federal contracts. Federal contracting is a lucrative arena that few people are aware of, much less with the knowledge, experience, and skills necessary for competing in it.
Not only that but you’ll also learn how to take advantage of other subcontracting prospects from other and bigger companies. They’ll teach you how to offset the inferior size of your company with other assets of your business.
Are You Eligible for the 8(a) Business Development Program?
Here are quick guidelines to help determine if you are eligible to join this program.
Groups with Presumed Disadvantage
The Small Business Act can make you eligible immediately to join based on your race alone. This includes but is not limited to Subcontinent Asian and Asian Pacific Americans, Native Americans, Hispanic Americans, and African Americans.
Groups Requiring Preponderance of Evidence for Disadvantage
If you do not belong to any minority group that comes with a presumed disadvantage, there are still two other ways for you to meet the program’s eligibility requirements. You need to provide substantial evidence, however, that you are suffering from either social or economic disadvantage.
Social disadvantage would encompass issues arising from your location, physical handicap, gender, ethnicity, and race. You would be considered economically disadvantaged, on the other hand, if you are earning less than $250,000 net.
