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The 8(a) Business Development Program is a business assistance program for small disadvantaged businesses. The 8(a) Program offers a broad scope of assistance to firms that are owned and controlled at least 51% by socially and economically disadvantaged individuals.
The 8(a) Program is an essential instrument for helping socially and economically disadvantaged entrepreneurs gain access to the economic mainstream of American society. The programs helps thousands of aspiring entrepreneurs to gain a foothold in government contracting.
The long anticipated Korea-U.S. Free Trade Agreement (KORUS-FTA) was implemented on March 15, 2012 becoming our nation’s largest FTA since NAFTA. The agreement has the potential to increase U.S. exports to Korea by approximately USD 10-12 billion, and it will be especially beneficial for U.S. SMEs. In 2009, nearly 18,000 SMEs exported some USD 8.4 billion worth of merchandise to Korea.
Total 2011 U.S.-Korea trade exceeded USD 100 billion for the first time ever. U.S. exports reached an all time high of USD 43.505 billion. U.S. exports increased 12% over 2010 levels.
Korea is the United States’ seventh largest trading partner. The U.S. is the third largest exporter to Korea with a 9 percent market share. Key competitors include China with 16.8 percent, Japan with 15.3 percent, and the EU’s 27 nations with 10%. With the EU having already implemented its FTA with Korea, U.S. firms will now again be in a stronger competitive situation following KORUS implementation. (China’s trade reflects significant re-export activity.)
The United States-Korea Trade Agreement (KORUS Agreement) enters into effect today, reducing tariffs on almost all U.S. industrial exports to South Korea and making it easier for U.S. exporters to successfully compete in the Korean market.
With the implementation of the KORUS Agreement, tariffs will immediately be eliminated on almost 80 percent of U.S. exports to Korea.
DSBS is a free portal sponsored by the Small Business Administration, used for entering and searching small business sources that want to do business with the Federal Government
Purpose: Client Resource, Marketing Businesses
Who should register in DSBS?
- Small businesses that want to do business with the federal government
- Small businesses that meet the SBA size standards
What is required to register?
- Register in CCR and indicate “small business” to generate registration
- Basic business profile, i.e. certifications, set-asides, ownership & capabilities
- Generally self-certifying system
The Minority Business Development Agency (MBDA) did a deep dive into the 2007 Survey of Business Owner data released by the U.S. Census Bureau and found minority-owned firms are more likely to export compared to non-minority-owned businesses. Export activity of minority-owned firms spanned 41 countries, with Mexico, Brazil, and the Dominican Republic dominating the list. Across the oceans, minority-owned firms are also selling their products and services to countries that include Turkey, India, China and the Philippines according to data from the U.S. Export Import bank.
The Obama Administration has set a goal of doubling the nation’s exports in five years and minority-owned firms are playing a crucial role in meeting this goal. Further analysis of the Census Bureau data revealed that minority-owned firms were three times more likely to own firms that generate 100% of their revenue through exports than those of non-minority-owned firms. In addition to being more likely to export, minority-owned firms were twice as likely to have operations abroad when compared to non-minority-owned firms and publicly held firms.