J
JUju2005
Guest
WASHINGTON,-- Congresswoman
Stephanie Tubbs Jones joined her colleagues Representatives John Barrow (D-
GA), Gwen Moore (D-WI) and Nydia Velazquez (D-NY) in introducing H.R. 4474,
the Minority Owned Venture Empowerment (MOVE) Act.
This legislation will refocus the Small Business Administration's 8(a)
Minority Business Development Program to ensure companies are more likely
receive contracts. The bill divides the program into four phases: technical
assistance, developmental, transitional, and post 8(a). Additionally, the
legislation modifies the current net worth restriction on 8(a) business owners
to ensure greater participation in the program by minority-owned small
business.
"While they are the fastest growing of all companies they do not have the
necessary access to federal contracting opportunities," said Rep. Tubbs Jones.
"This legislation will help to bridge the gap for minority-owned business. I
am pleased to join my colleagues in support of this very important piece of
legislation."
Specific provisions of the bill include:
- Requiring that the SBA establish criteria upon which to base net worth
restrictions that take into account the capital needs of different
industries.
- Extending the maximum limit of participation in the 8(a) program from 9
to 10 years.
- A formalized training period to ensure that every business in the
program understands the procurement process.
- Companies will be eligible to receive 8(a) sole source contracts in the
amount of $6 million, or competitive contracts in the amount of $10
million. Previously participants were limited to small contracts: $3
million maximum for sole source contracts and $5 million for
competitive contracts.
- Repealing the requirement that 8(a) participants must have been in
business for at least two years; instead the Act institutes the initial
training period to ensure businesses are properly prepared to do
business in the federal market.
- Allowing graduates to compete as "small disadvantaged businesses" for
contract against other "small disadvantaged businesses" in industries
that have historically been closed to them.
SOURCE Office of Congresswoman Stephanie Tubbs Jones
Web Site: http://www.house.gov/tubbsjones
Stephanie Tubbs Jones joined her colleagues Representatives John Barrow (D-
GA), Gwen Moore (D-WI) and Nydia Velazquez (D-NY) in introducing H.R. 4474,
the Minority Owned Venture Empowerment (MOVE) Act.
This legislation will refocus the Small Business Administration's 8(a)
Minority Business Development Program to ensure companies are more likely
receive contracts. The bill divides the program into four phases: technical
assistance, developmental, transitional, and post 8(a). Additionally, the
legislation modifies the current net worth restriction on 8(a) business owners
to ensure greater participation in the program by minority-owned small
business.
"While they are the fastest growing of all companies they do not have the
necessary access to federal contracting opportunities," said Rep. Tubbs Jones.
"This legislation will help to bridge the gap for minority-owned business. I
am pleased to join my colleagues in support of this very important piece of
legislation."
Specific provisions of the bill include:
- Requiring that the SBA establish criteria upon which to base net worth
restrictions that take into account the capital needs of different
industries.
- Extending the maximum limit of participation in the 8(a) program from 9
to 10 years.
- A formalized training period to ensure that every business in the
program understands the procurement process.
- Companies will be eligible to receive 8(a) sole source contracts in the
amount of $6 million, or competitive contracts in the amount of $10
million. Previously participants were limited to small contracts: $3
million maximum for sole source contracts and $5 million for
competitive contracts.
- Repealing the requirement that 8(a) participants must have been in
business for at least two years; instead the Act institutes the initial
training period to ensure businesses are properly prepared to do
business in the federal market.
- Allowing graduates to compete as "small disadvantaged businesses" for
contract against other "small disadvantaged businesses" in industries
that have historically been closed to them.
SOURCE Office of Congresswoman Stephanie Tubbs Jones
Web Site: http://www.house.gov/tubbsjones
