Small Business Program and Source Selection Plans Research Paper

Small Business Program and Source Selection Plans - Research Paper Example As a government Contracting Officer, the programs are qualified for small business through a particular criteria and size standard. This program is not dominant on its operational fields although there are various influences on the national business activities also some business interest primarily engaged in small business (Byrd and Megginson, 2013). This perspective determines the dominance of the projects in consideration to the market volumes and the number of employees and achieved since the business contractors have the ownership of control material and the nature of the business activities. The Small Business Program today has grown significantly, due to the history since the foundation of the program. For example, in the year 1958, The Investment Company Act developed Small Business Investment Company program that regulated and assisted in providing funds for privately own businesses and for the operated venture capital investment firms. Additionally, the program also speciali zed in providing long-term debts and equity investment to small businesses. Thereafter, the Small business Act was used to develop the Equal Opportunity Loan Program that lessened credit and collateral requirement for applicants for the poor people in order to encourage new innovative small businesses that had been unable to attract financial support. Presently, the programs have extended its support to small businesses in management assistance, government contract procurement backing, and a specialized reach to the women and other minority groups (Hillstrom, & Hillstrom, 2002). Evaluate the small business set-aside program concerning the eligibility to participate Primarily, the program provides support to small businesses so the requirements for eligibility are mostly based on the aspects of the business, most importantly; they are based on what the business does to acquire their income, where the business operates, and lastly the character of its ownership. However, there are som e universal requirements that the program needs to be eligible for assistance. First, the business should be a small in America as prescribed by the SBA and should be operating for profits, as a result, it should have reasonable invested equity. Secondly, the business should have the capability of demonstrating that they need the support, and present a reasonable business purpose. Thirdly, the business should not have any existing debt to the American government; also use other alternatives such as personal assets before seeking assistance from the program (Byrd and Megginson, 2013). The small businesses programs focus on eligibility of businesses to participate, and the encouragement of small domestic business to join in national research that has commercialization potential. Since the program is competitive, the program ensures that individuals in small businesses have the ability to participate in different possible activities, and this provides enticement of profits from commerc ialization. These Small business programs are diverse and target different succeeding innovative businesses, for example in technology sector. However, the risk and expense of conducting the product results are usually beyond the means of various small businesses (Swift & Booker, 2003). Through reservation of several factors of federal funds and government contrac