New Mentor-Protégé Program Expands to Include ALL Small Businesses
In February 2015, the SBA published a proposed new Government wide mentor-protégé program for all small businesses; and on Monday, July 25, 2016, the final rule putting it into effect was published in the Federal Register. Rather than crafting four separate Mentor-Protégé programs for HUBZone firms, WOSB’s, SDVOSB’s and small businesses, the SBA decided to model a single all-inclusive Mentor-Protégé program after the successful 8(a) Business Development Program’s Mentor-Protégé program. Now, what was once only available to 8(a) firms, now benefits ALL small businesses!
Some of you may be thinking why is this important or what’s in it for me? Well, let me explain what the Mentor-Protégé program is so you can understand the benefits.
The purpose of the Mentor-Protégé program is to encourage approved mentors to offer business development assistance to protégé firms. According to the new regulations, the mentor firm can be any for-profit business with demonstrated commitment and ability to assist small businesses. The assistance from the mentor can come in various forms including: management and technical assistance, financial assistance (either through debt or equity), subcontracts, trade education, and/or assistance performing on prime contracts via joint ventures.
Now you may be wondering why a large business would want to be a mentor? The answer is simply one word… ACCESS. Since the SBA is the agency authorized to determine small business size standards, the mentor and protégé can enter into a formal, written Mentor-Protégé Agreement (MPA) and thereby be excluded from affiliation. Outside of an MPA, the SBA can determine a small business that is working with a large business “affiliated” with that company and, therefore, ineligible for small business contract opportunities. When that happens, the large company loses the benefit of its partnership with the small firm. An MPA through the new Mentor-Protégé Program eliminates this problem.
What does all this mean in English? Simply put, large businesses in an MPA can now gain access to contract opportunities set aside for small business by working with their protégé.
Join us on August 24, 2016, for a FREE webinar about this amazing new program. During that live webinar, we will provide links to various resources so that you can prepare yourself for the October 1, 2016 kickoff. Click here to learn more!
What: New Mentor-Protégé Program Expands to Include ALL Small Businesses
When: Wednesday, Aug 24th, 2016
Time: 11:30 am to 12:30pm
Who Should Attend:
- All Small Business owners
- WOSB, SDVOSB, HUBZone and other certified companies interested in the new Mentor Protégé Program
- Federal contractors
What You’ll Learn:
- What is the new Mentor Protégé (MP) program?
- Who can qualify for the MP program?
- How you can take advantage of the MP program?
- Why the new MP program is important to your small business?
- When will the program be available for you to participate?
- What certifications qualify?
- How you can get certified to take advantage of this program?
- Who manages the MP program?
- How to get into the MP program?
- Plus much more…