Velosys

SBA 8(a) Business Development Program

SBA's 8(a) Business Development program is intended to help small businesses be successful for the future. Companies like ours, just starting or in a growth stage, can benefit from the wide-range of services we offer—support for government contractors, access to capital, management and technical assistance, and export assistance—just to name a few. SBA accomplish their goal by building community-based small businesses, which in turn revitalizes neighborhoods, creates jobs, and encourages economic growth. SBA uses a number of assistance intervention tools, ranging from contract support to low-interest loans for site acquisition, construction, and the purchase of new or upgraded equipment

Velosys's 8(a) certification program

Velosys, is in the process of acquiring 8(a) certification program from Small Business Administration. This will open up the doors for Velosys's diversification into federal government contracts.

With planned 8(a) program Velosys is planning to grow it's service line to include professional specialties such as Human Resource activities to Technology vested interests to Social Service expertise.

The SBA administers two particular business assistance programs for small disadvantaged businesses (SDBs). These programs are the 8(a) Business Development Program and the Small Disadvantaged Business Certification Program. While the 8(a) Program offers a broad scope of assistance to socially and economically disadvantaged firms, SDB certification strictly pertains to benefits in Federal procurement. Companies which are 8(a) firms automatically qualify for SDB certification.Today’s 8(a) Business Development Program is strengthened and improved to be a truly effective business development vehicle. New regulations permit 8(a) companies to form beneficial teaming partnerships and allow Federal agencies to streamline the contracting process. New rules make it easier for non-minority firms to participate by proving their social disadvantage. We also have implemented the new Mentor-Protégé Program to allow starting 8(a) companies to learn the ropes from experienced businesses. Our task is to teach 8(a) and other small companies how to compete in the Federal contracting arena and how to take advantage of greater subcontracting opportunities available from large firms as the result of public-private partnerships.

The new and improved 8(a) Program has become an essential instrument for helping socially and economically disadvantaged entrepreneurs gain access to the economic mainstream of American society. SBA has helped thousands of aspiring entrepreneurs over the years to gain a foothold in government contracting. Participation is divided into two phases over nine years: a four-year developmental stage and a five-year transition stage. In fiscal year 1998, more than 6,100 firms participated in the 8(a) Program and were awarded $6.4 billion in Federal contract awards.