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Q1. Is the 51% owner of the firm a U.S. Citizen?
Q2. Is a 51% owner of your firm, or a group of owners comprising 51%, a member of a presumed socially disadvantaged group? To be considered a member of a presumed socially disadvantaged group you must be 25% or more of one of the following groups:
Sub-continent Asian American
Native American – member of a federally recognized tribe, Inuit (Native Alaskan)*
Asian Pacific American
Hispanic American including people with descendants from Spain or Portugal.
Q3. Middle Eastern Descent?
Q4. Caucasian female?
Q5. Service Disabled Veteran with over 30% Service Disability?
Q1. Does the 51% owner/applicant of the firm make less than $350,000 per year?
Q2. Does the 51% owner/applicant of the firm have a net worth that does not exceed $750,000? The following three items are excluded from the calculation.
a. Equity in your primary residence (excluded)
b. IRA, 401K, other retirement accounts (excluded)
c. Value of business applying for 8(a) (excluded)
Q3. The 51% owner/applicant’s total assets do not exceed $6,000,000; however IRA, and other retirement accounts are excluded.
Potential for Success
Q1. The 51% owner/applicant must have full time devotion (typically meaning no W2 income from another source) to the business applying for 8a certification.
Q2. Is the firm currently making money, does the firm have positive shareholder equity and does the firm have a positive working capital position?
Q3. Not more than 70% of the firm’s gross revenue can come from a single source, meaning there must be some diversity in the firm’s customer base. Has the firm drawn no more than 70% of its revenue from its largest client for more than the last 12 months?
Q4. Has the firm been in business for at least 2 years (the SBA uses the start date for the business when it first has revenue, not the founding or incorporation date.)
Q1. Does the 8(a) Applicant own 100% of the applicant concern?
Q1a. Do any shareholders, holding 20% or more of the firm
have any businesses in a similar industry which share personnel, equipment, facilities,
financial resources, or have a relationship comprising a significant customer/vendor
relationship between the two firms?
Q1b. Does the owner of the firm have the highest title associated with running and managing the firm?
Q2. Does the firm have any loans held by non-financial institutions such as a loan from a family member or another business?
Q3. Is the owner of the firm the holder on all licenses and certifications needed to run the business?
Q4. Does the owner of the firm run the day-to-day business operations of the firm and have a resume that supports his or her ability to do so?
Q5. Do any immediate family members (father, mother, brother, sister, son, daughter) own an 8a firm?
Q1. Has the owner of the firm ever been convicted of a crime outside of a minor traffic offense?
Q2. Has the owner of the firm ever defaulted on an SBA loan or Federal obligation to the federal government such as a home mortgage owed to Fannie Mae or Freddie Mac?
Q3. Does the owner of the firm currently owe a tax obligation to the IRS in which a payment plan has not been setup and is not current?