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However, in order to take advantage of all the benefits the program provides, companies need to choose good partners and to be sure they understand the program’s regulations and closely follow them.”īiggs then outlines best practices for parties once they have entered into a mentor-protégé arrangement to avoid some of the issues that program participants have historically faced, such as obtaining SBA approval before making any changes to the agreement or setting reminders to ensure annual reports and certifications are submitted on time. “The program can provide benefits to protégés and mentors alike, as evidenced by the increasing number of companies that are participating in it. Department of Veterans Affairs both have programs for veteran-owned companies.Ĭompanies also need to carefully abide by the program’s regulations in order to receive the benefits. However, there have been a couple of areas of confusion regarding mentor-protégé joint ventures since the program went into effect, such as its similarity to the 8(a) mentor-protégé program and the fact that both the SBA and U.S. Mentor Protg Programs are designed to encourage large or experienced firms to develop technical and business capabilities of small and diverse firms to.
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“A major selling point of the program for mentors is that it can provide them access to contracting opportunities that they otherwise would not have,” she explains.
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This could include mentors offering advice on how to win more federal work or helping with proposals, entering into subcontracting arrangements with protégés either as the prime or subcontractor, providing trade education to their protégés, or entering into joint ventures.īiggs provides an overview of the program, stating that within six months of its launch, approximately 90 mentor-protégé agreement had been approved, with 870 agreements currently active today. In addition, the mentor-protégé joint venture rule allows. That rule states that in order to raise capital, the protégé firm may agree to sell or otherwise convey to the mentor an equity interest of up to 40 in the protégé firm. The SBA launched the mentoring program in an effort to help small businesses by allowing them to pair with a mentor, usually a large company, who could help them grow their business by providing financial and technical assistance. The mentor-protégé rule has allowed for a mentor to take up to a 40 equity stake in the protégé. Small Business Administrations (SBA) All Small Mentor-Protege. Small Business Administration’s All Small Mentor-Protégé Program has been faring since being launched three years ago. The Department of State has retired its Mentor-Protege Program (MPP) in favor of the U.S. In an article published on Augin Law360, Ambika Biggs discusses how the U.S.