What is Woman-Owned Small Business or WOSB Certification Application?
WOSB – A WOSB, or Woman-Owned Small Business, is characterized by the following criteria, according to the Small Business Administration:
One or more women who are U.S. citizens own and control at least 51 percent of the company.
Ownership must be unrestricted and without limitations.
A woman must oversee daily operations and provide documentation for verification.
For the principal NAICS code, the NAICS code given to the request, and the contract for which it submits an offer, be at or below the small business size criteria.
EDWOSB — To qualify as an Economically Disadvantaged Woman-Owned Small Business, you must meet the following criteria:
Own at least 51% of the company and meet all other requirements for a WOSB with a personal net worth of less than $750,000.
The annual income of $350,000 or less (adjusted)
All assets have a market worth of less than $6 million (including the business value and primary residence)
The woman-Owned Small Business or WOSB certification application allows women-owned businesses to compete for lucrative government contracts at all levels, including local, state, and federal. Certification allows you to compete successfully with larger firms.
Anyone who is a qualified female business owner (Small Business, Large Company/Enterprise, or Disadvantaged Small Business) and wishes to conduct business with the government can apply for certification and future contracts.
What is the significance of (Woman-Owned Small Business) WOSB certification application?
Certification allows you to compete for contracts that are reserved for qualified WOSBs and EDWOSBs. Women-owned for-profit enterprises receive at least 5% of all government contracts issued in the United States (nonprofits are ineligible for certification and most SBA small business programs).
Being accredited enables economically disadvantaged and other women-owned businesses to collaborate with larger corporations that will help them expand. When you register to do business with the US government, you gain access to networking events, mentoring, and other services to help you build your company.
Benefits of Woman-Owned Small Business (WOSB) Certification Application
Through SAM.gov, WOSB/EDWOSB have access to contracts that would otherwise be granted to major firms. Women-Owned Businesses are expected to receive at least 5% of all government contracts in the United States. Many large firms are also the greatest purchasers of goods and services from verified women-owned enterprises.
Exclusive WOSB training and educational programs can not only help you acquire a stable business with both local and federal government but also help you grow your current business.
Certified woman-owned firms benefit from improved marketing visibility and increased client trust.
To summarize, being certified by the Small Business Administration (SBA) as a Woman-Owned Small Business (WOSB) or an Economically Disadvantaged Woman-Owned Small Business (EDWOSB) can lead to a steady stream of contract work in your state and for the federal government. Contracts that might usually go to larger organizations are available to registered enterprises.
You can also use the SBA's program to grow your existing business by taking advantage of their numerous useful tools, resources, and free training related to the WOSB certification application.
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