Are you a female business owner in the US seeking for federal contracts? The federal government has started an incentive programme for expanding women-owned enterprises, so you won't have to worry about anything else going forward.
You may have already experienced unfair prejudice and unhealthy rivalry from your male coworkers as a female business owner. The US government awards WOSB accreditation to these enterprises in an effort to bridge the gender gap between them and small businesses operated by men.
Women make up roughly half of the workforce in the US. Entrepreneurs and candidates are still ignorant of the WOSB and how it may help your firm, despite their important contributions.
We will examine the advantages of the WOSB accreditation for your company in this article. We'll also examine the many conditions your company must meet in order to qualify for certification.
What is the WOSB Certification?
Let us first define WOSB certification so that we can then discuss its benefits. The Small Business Administration (SBA) designates businesses as Women-Owned Small Businesses (WOSBs) if at least 51% of their ownership and control is held by one or more women. The certification attempts to boost the chances of female business owners winning government contracting opportunities.
The US Federal Government created the Women-Owned Small Business Certification scheme to level the playing field for female business owners throughout the nation. The government accomplishes this by employing set-aside projects and contracts for businesses having a WOSB certificate.
The WOSB certification's primary goal is to provide female company owners with the incentives they need to better their financial situation. Additionally, it offers these companies chances for future expansion. A WOSB Certification typically costs $350. A price reduction option is available for women who are struggling financially.
Your company must be owned at least 51% by one or more women in order to be eligible for the WOSB Certification. The women must also be US citizens in order to be eligible. The SBA states that a company can only make the claim that it is run by women if a female entrepreneur or leader actively participates in its management.
How does it help you with Government contracts?
The WOSB supports female company owners by providing them with special benefits and opportunities to engage in commercial endeavours around the country. The SBA may reward you with the following WOSB certification advantages:
Individual Federal Contracts
One benefit that you can count on obtaining as a woman business owner with WOSB is the set-aside contracts. Contracts designated specifically for women-owned small businesses are known as set-aside contracts. Female entrepreneurs who belong to the designated classes of persons who are economically and socially disadvantaged are given preference under these set-aside contracts. WOSB benefits you by improving your chances of receiving a contract from the government by reducing the number of businesses in the pool from which contracts are to be granted.
By providing them higher preference when applying for federal contracts, WOSB also supports female business owners. The government sees WOSB as a group that requires help in order to launch its operations. It therefore favours WOSB above other businesses. Federal agencies are also rewarded for doing business with firms that are majority-owned by women.
Monetary Alternatives
The US Federal Government's Small Business Administration was established to aid small business owners in starting their businesses. As a woman business owner, you have access to a variety of business funding options through the SBA.
Given that businesses require finance sources to expand, this is crucial. Possessing a WOSB certificate will result in a speedy loan approval procedure. The SBA also provides loans with lower interest rates than other banking institutions. As a result, it becomes essential for your business.
Markets are available.
Thanks to the WOSB, which also offers financial support to enterprises operated by women, you have access to new markets. By include the company in a database that is accessible to other companies as well as to federal and state organisations, the WOSB accreditation raises the company's visibility.
Your chances of receiving business orders rise as a result of the elevated visibility, which enables you to network with other business owners. Your business will profit from EDOWSB by having the opportunity to bid against other businesses for contracts with the
federal and state governments.
How can you acquire it?
Before you may apply for the certification programme as a business owner, you must first register with the Federal Government's System for Award Management (SAM). A list of various business vendors from each of the 50 states may be found in this database. On their website, you can register for the SAM online, or you can send your information and accompanying documents.
Following SAM registration, you will receive a Data Universal Numbering System (DUNS) number for your business. Using this DUNS number, the SBA will search for your company in the SAM Database.
The WOSB certification offers various advantages to female business owners around the nation. However, in order to qualify for the benefits, you must meet the following criteria:
The SBA states that a business can apply for the certification programme if a woman or more own 51% of it. In addition to being US citizens, these female business owners must also have a majority of female employees.
The final requirement on the WOSB certification checklist for qualification is that the company must be run primarily by women. According to the SBA, if women business owners like you actively participate in leading and managing the company, you would be eligible for the certification.
After the SBA approves your application, your WOSB accreditation is good for a full year. You must renew your application every year starting on the day it was approved.
Key Takeaways
The article acts as a road map for female business owners like you as you finish the WOSB certification process for your organisation. It is made available by the federal government as a helpful tool for female business owners. By enabling you to submit bids for specific government contracts, it reduces red tape and fosters competition. The application process for the certification, as we have seen throughout the text, can be challenging and time-consuming. The average time it takes to approve a WOSB application is 90 calendar days. Additionally, before filing your application on the SBA website, we suggest you to research third-party certification.
Opmerkingen