Three months has passed since the SBA introduced a pair of online tools for people to determine if they were in a good position to start a small business. The agency claims usage by over 125,000 people since that time.
One tool looks at eligibility for for the SBA's 8(a) Business Development Program. This assessment tool asks the viewer a series of questions pertaining to 8(a) readiness.
Firms eligible for 8(a) status also gain certification as small disadvantaged businesses (SDB). The SBA designation helps those firms gain certain benefits in regards to federal procurement.
A more general readiness assessment tool helps would-be entrepreneurs look at their preparation, and determine if they look ready to make the leap into the small business world. SBA said the tool helps evaluate one's skills, characteristics, and experience as they relate to starting a business.
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SBA tools and business valuation
The readiness assessment tool would be very handy for entrepreneurial business owners later down the road as well. The SBA is updating and releasing their SOP guidelines in the next 3-4 months and one of those addresses the need for a business valuation. In particular, SBA lenders would need an independent third party valuation to validate loans exceeding $350,000, especially when it's to purchase an existing business. If buyer and/or seller have utilized the readiness assessment tool in the past, it could serve as useful insight to both the SBA lender (during the application phase -- which is exhaustive) and a business valuation firm.
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