Revenue and capital between women-owned enterprises and others still differ significantly. According to the 2019 State of Women-Owned Firms Report, there are roughly 13 million women-owned businesses in the United States, accounting for 42% of all organizations. As per the WBENC information, that number, however, has probably fallen as a result of COVID-19's effects on business.
It is for this reason that becoming WBENC-Certified is more crucial than ever. The Women's Business Enterprise National Council (WBENC) and WBENC Certification are working to close the gap. Being a WBENC-Certified women-owned business may be quite beneficial, especially if you take the time to participate in the various events and networking opportunities offered all year long.
What Being a WBE and WOSB Certified Means
As per the WBENC information, when a company receives WBENC Certification, it means that it has been thoroughly vetted, including a site inspection and the review of business records. WBENC has then determined that the company is at least 51% owned, controlled, operated, and managed by a woman or woman. Unlimited control over the company, proven management of day-to-day operations, and a proportionate commitment of capital or experience are requirements for certification.
According to the WBENC information, Businesses that complete the process to become WBENC-Certified WBEs attest to the worth of doing so to gain access to the wide range of advantages and perks that can boost your company's profile and position you and your company for success.
As per the WBENC information, WBENC is a recognized third-party certifier for the Women-Owned Small Business (WOSB) Federal Contracting Program run by the Small Business Association (SBA). In addition to applying for WBENC certification, women-owned businesses can also apply for WOSB certification through WBENC. WOSB accreditation makes a business eligible to compete for federal contracts in industries where women-owned businesses are underrepresented, to assist offer a level playing field for women business owners.
Start Your Path to Certification
The WBENC information says the procedure to become WBENC-Certified is not challenging, although the initial collection of the necessary paperwork can take some time. Re-certification, which is required annually, is a much simpler process, so don't worry! The effort firms invest into gaining certification is well worth it, as our WBEs have reminded us repeatedly.
A women-owned business must go through a documentation process and a site visit with one of 14 Regional Partner Organizations (RPOs) based on the location of the company's headquarters to be certified as a WBE. The 14 RPOs, located all over the nation, are WBENC partners and are permitted to handle WBENC Certification. The documentation process includes a careful examination of all business records, including those of ownership, the financial structure, the workforce, management, and governance. The business itself is certified, not the individual.
Before beginning, study the WBENC Certification Process and WBENC information guide, to see whether your firm qualifies and whether certification is appropriate for you and your organization. For the business to be qualified to apply for certification, it must:
A majority (minimum of 51%) of one or more women owning the business
Evidence that shows women are in charge of and govern businesses
Unrestricted female influence over the company's operations and legal papers
A female with the highest position listed in the company's legal records
Evidence of female financial contributions and/or industry competence
Citizenship or legal status in the United States for any female owners who hold a majority stake in the business
Following the online application submission, WBENC conducts a two-step evaluation to determine whether each WBENC-Certified business satisfies the requirements and standards.
A thorough examination of the provided documentation
Interview with the female owner during the site visit
Here's where your regional partner organization (RPO) steps in. The RPO handles your application, makes sure all the paperwork is in order, evaluates it with the Certification Committee, and organizes the site visit. Your RPO can be found here: https://www.wbenc.org/regional-partner-organizations/
How long the certification process takes is a common query we get. We inform applicants that the RPO's review procedure typically takes 90 days from the time your dossier is deemed complete. Before all of the documentation is prepared for the full review, you might need to provide more information or respond to some preliminary inquiries. But the review procedure can start as soon as you begin working on your paperwork and application!
For new applications and recertification, there is a non-refundable processing fee that is broken down into five tiers based on annual gross revenue as reported on federal taxes.
Under $1,000,000: $350
$1M < $5M: $500
$5M < $10M: $750
$10M < $50M: $1,000
$50M+: $1,250
Unsure of where to go for women-owned businesses and get the WBENC information, but want to support them? Looking for one-of-a-kind presents that also contribute to a more varied economy? Stop searching because WBENC has the ideal holiday gift guide for you. The Women-Owned Gift Guide is an online magazine-style compilation of goods from WBENC-Certified women-owned brands.
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