If you think that applying for the SBA certification is cost-free and does not require even a penny, then you are mistaken. There are certain hidden costs involved in the application process, which cannot be overlooked.
8 a certification offers a number of advantages to small and mid-sized organizations. Such federal recognition does not only give a huge boost to the growth and development of your firm but will also add to its overall credentials. Hence, if you want to compete in the global market and want to excel, then it is imperative for you to procure the federal certification.
If you file for the 8a certification program, the federal government does not charge you for it. However, filing for the 8A programs cannot considered as cost free since it involves few hidden costs. Candidates willing to get their firm certified successfully will have to bear such hidden expenses. While preparing for the 8A programs, an individual is likely to encounter few costs related with the federal programs such as:
An individual applying for the SBA 8A certification needs to notarize at least a single document in the 8A application. While preparing for the federal program, you may also discover that there are a number of other crucial documents, which require notarization, depending on specific situations. This can give significant rise to the expenses involved in the SBA application.
Company Formation Papers
Company documents are crucial to complete the SBA application process easily and in a hassle-free manner. To complete all the stages set by SBA, it is imperative that you have all the documents of your firm. In case you misplace or lose the significant company, formation documents you may require to procure the duplicate copies. Even if your documents are incomplete, they can be re-issued by paying a nominal fee. The duplicate copies are issued by the state in which the company was formed, in exchange of small fee.
If you wish to send your application to the SBA in a secure and authentic manner, you may avail he services of UPS, FedEx or DHL. After you have sent your application to the federal government, you may require sending few additional papers as and when requested. This in turn increases the cost of postage largely.
If you do not prefer to calculate the financials of your company on your own, you may require to pay a hefty amount to an accountant in order to acquire the balance sheet and profit and loss statement.
While sending documents to the SBA you do not send the originals, you send the duplicate ones. Hence, the cost of photocopying increases to an great extent.