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FOLSOM POINT AWARDED SBA 8(a) CERTIFICATION
October 19, 2001
(Boulder, CO) - While the Bush administration continues its focus on reducing the federal workforce, Folsom Point, Inc., a Boulder-based strategic consulting firm, is making it easier for government agencies and large prime contractors to hire outside expertise. Folsom Point was recently awarded the U.S. Small Business Administration's (SBA) 8(a) Business Development (BD) certification. The 8(a) BD program pre-qualifies small, minority-owned businesses for federal contracts. The program also encourages corporations who perform on government contracts to use 8(a) certified businesses as subcontractors.
Each year the federal government spends approximately $200 billion to buy goods and services. While a majority of the spending is with large prime contractors, programs have been created to level the playing field for small businesses and enable them to compete for government-issued Requests for Proposals (RFPs). In fiscal year 1998, more than 6,100 firms participated in the 8(a) program and were awarded $6.4 billion in federal contract awards.
According to the SBA's Colorado field office, there are just 212 8(a) certified businesses operating in the state. "We're proud to be accepted into the 8(a) BD program. The intensive application process proves that we have a well-thought out business plan and sound financial practices," said Nicky Lee, CEO of Folsom Point. "Our goal is to help government agencies use technology to become as competitive and efficient with their resources as the private sector is."
Typically, the 8(a) BD approval process takes 90 days. However, Folsom Point's application was accepted within 10 days of submittal to the SBA's Washington, D.C. headquarters. "With cuts in staffing and budgets, it is critical for all departments within the government to operate in a more business-like manner," said Janice Nietes, Business Opportunity Specialist in the Division of Program Certification and Eligibility based in San Francisco, CA. "Folsom Point put together a compelling package that demonstrated their ability to deliver on government contracts."
The 8(a) BD certification will provide additional opportunities for Lee, a Korean-American, to grow her strategic consulting firm. "I recently met Shinae Chun, Director of the U.S. Department of Labor Women's Bureau. As the highest-ranking Korean-American official in the current administration, she talked about empowering women through online education and financial management courses. I was among 50 other Asian American business women who were inspired by Mrs. Chun. Leveraging the resources provided through the SBA 8(a) program will enable me to also become a leader and example for other minority women," Lee added.
About Folsom Point
Folsom Point, Inc. is a consulting firm providing business-driven strategies that blend marketing insight and technology to help companies target new customers and foster long-term relationships. Folsom Point's services include business and marketing consulting, competitive and customer research, strategic planning, project management and program measurement. Folsom Point is a privately held company founded January 2001 and headquartered in Boulder, Colorado.
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