Have you ever come across any words like “it’s difficult for women to succeed in business”? Well, that’s a common idea runs in the society even today. But, with WOSB certification, female entrepreneurs can now have an opportunity to expand their horizons.
Over the years, the federal government has been a key player in financially strengthening the small business of the Federal states. Accordingly, several certifications and financial grants were made available for the budding entrepreneurs so that they can grow their business and become a part of the mainstream economy.
Even women entrepreneurs were the part of these development programs launched by the government. The aim of the program is to help female business owners to fight away the challenges and trials they have to face in socio-economic and even in the legal premise.
Female owners with small businesses get WOSB certification to have a firm place in the federal marketplace. Like other business certification programs, this one is intended to help qualify female business enjoy access to the resources needed to grow.
So, what’s exactly is WOSB Certification?
It is specifically a business development program designed by the Small Business Administration (SBA) of the Federal Government with an aim to support female entrepreneurs of the country Much like the other support programs, this one is exclusively designed for women entrepreneurs access public and private contracts that they might not have otherwise.
WOSB Certified companies can officially compete for federal contracts and gain access to other free resources that SBA provides to the small and growing entrepreneurs of the state.
The program delivers exclusive certification from the government . It helps WOSB-certified companies to compete for federal contracts and gain access to other free resources the SBA provides.
Benefits of Having WOSB Certification
The prime benefit of WOSB Certification is that it opens doors to federal business space. They can compete for the public contracts like other male entrepreneurs do. Moreover, Government has decided to give 5% of the public contracts to small businesses that are owned by women or WOSB. The good news is these 5% of the contracts are released from the industries in which women are underrepresented.
Can You Apply for WOSB Certification
Though it is primarily aimed for the women entrepreneurs, it’s true that you cannot have it for just being a female. Other criteria always come into play. Here is a list of all those aspects that are reviewed before giving WOSB Certification.
· 51 % of your company’s share should be owned by any woman or a group of women who are citizens of the U.S.
· A woman or women must be the operational in charge of the business.
· The highest official position of the company must be chaired by a woman.
· A woman or a group of women should be the key decision maker of the company .
· The personal net worth should not be greater than $750,000.
· The fair market value of your company’s total assets must not exceed $6 million.
· Your adjusted gross for three cumulative years should not be more than $350,000.
A great thing about the WOSB certification process is that you can get it even in the initial days of the business.
Contract Programs for WOSB Certified Business
Businesses with WOSB Certification can participate in the following contract programs to maximize their chance of winning contracts.
Competitive Set-aside contracts
Government agencies set aside 5% of the contracts for minority- and women-owned business. It means, if you can fulfill the criteria of the government requirement, it will be easier to eliminate your competitions. The idea is to award contracts in industries where women are underrepresented. But your WOSB certification will position your business over non-certified entities also vying for the contract.
Sole-Source Contracts
Unlike their counterparts, sole-source contracts eliminate the bidding process. If your company is the only one that can fulfill the project, you can be given access to lucrative contracts, up to $4 million for goods and services and $6.5 million for manufacturing jobs.
Final Thoughts
A female owned business is great, but with a WOSB certification your business gets its position that you need to attain that firm foothold in the highly competitive federal marketplace.
