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What are the process and fee of getting section 8A company…

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What are the process and...
What are the process and fee of getting section 8A company approved and getting low interest loans from the SBA?
Submitted: 7 months ago.Category: Business Law
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1/8/2018
Business Lawyer: Edward Young,
 replied 7 months ago
Edward Young
Category: Business Law
Satisfied Customers: 574
Experience: Principal Attorney at The Law Offices of Edward D. Young, III
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Hi. My name is ***** ***** I am a licensed attorney. I would be happy to provide assistance. Please give me a moment to formulate a response. Also, please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Customer reply replied 7 months ago
I am in Houston Texas and want to form section 8A business and need to know what are the process, how long will it take to get 8a certification and get loan from SBA. I am a minority and have a minority woman business partner. We have plan to get section 8A for building a business in dilapidated part of Houston. Our business will also qualify for religious purpose so we need 501c3 certificate as well. Please let me know. Thank you.
Business Lawyer: Edward Young,
 replied 7 months ago

If you prepare the 8(a) application yourself, it shouldn’t cost you anything other than your time and effort. However, if you hire a consultant to prepare your application it can cost you several thousand dollars. Once your file is complete, the Small Business Administration is required to rule on your application in 90 days.

Generally, to be approved into the 8(a) Business Development program and become certified the business must meet these eligibility requirements:

  • The business must be majority-owned (51 percent or more) by an individual(s).
  • The individual(s) must be an American citizen, by birth or naturalization.
  • The business must be majority-owned (51 percent or more) and controlled/managed by socially and economically disadvantaged individual(s).
  • The individual(s) controlling and managing the firm on a full-time basis must meet the SBA requirement for disadvantage, by proving both social disadvantage and economic disadvantage.

    Under federal law, socially disadvantaged individuals are those who have been subjected to racial or ethnic prejudice or cultural bias within American society because of their identification as members of groups without regard to their individual qualities.

    For purposes of the 8(a) Business Development program, the following individuals are presumed socially disadvantaged (called “presumed groups”):
    • Black Americans
    • Hispanic Americans
    • Native Americans
    • Asian Pacific Americans
    • Subcontinent Asian American
  • In the absence of evidence to the contrary, an individual applicant is presumed socially disadvantaged if:
    • Holds him or herself out to be a member of a presumed group
    • Is currently identified by others as a member of a presumed group
  • The presumed groups listed above are solely for purposes of SBA’s 8(a) Business Development program. Remember: An individual who is not a member of one of the "presumed groups" can be admitted into the 8(a) Business Development program if they can submit preponderance of evidence.
  • The business must be a small business.
  • The business must demonstrate the potential for success.
  • The principals must show good character.
  • Separate eligibility requirements exist for a business that is owned by American Indians, Native Alaskans, Native Hawaiians or Certified Development Companies.

    The link for the 8(a) application is here: https://www.sba.gov/contracting/government-contracting-programs/8a-business-development-program/how-apply

There are many factors that go into getting a small business loan. This link is a place to start looking for a loan: https://www.sba.gov/lendermatch

On the 501(c)(3) organization, an attorney would have to file an application with the IRS to certify your company as a non-profit organization. Here is the link to the nonprofit approval process: https://www.irs.gov/charities-non-profits/applying-for-tax-exempt-status

Depending on your company's initial revenues the filing fee can be as low as $275 and as high as $850.

I hope this helps.

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Customer reply replied 7 months ago
What are the steps(how much is your fee in guiding me in the application process...) for me to hire you to obtain 8a and 501c3 certifications in Houston?
Business Lawyer: Edward Young,
 replied 7 months ago

Under the terms of my agreement with JustAnswer, I cannot solicit clients on this website. If you want to contact me apart from JustAnswer, email me at***@******.*** .

In the meantime, please go ahead and rate me. I get no credit for my work for you unless you do.

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