You have probably heard the saying “Empowered women, empower women,” right?
After dealing with the havoc of Covid-19, women entrepreneurs now more than ever must remain resilient and rely on the support of one another to move forward. According to the U.S. Small Business Administration (SBA), women own 21% of employer small businesses and 41% of non-employer businesses in the United States. During the uncertainty of the pandemic, women-owned businesses were 1.7 times more likely to close in 2020 than businesses owned by men.
Although it may seem as the odds are stacked against women, recovery from the pandemic is in sight. The federal government aims to award women-owned small businesses a minimum of five percent of all federal contracting dollars.
According to Suzanne Clark, U.S. Chamber of Commerce President, “We cannot allow this pandemic to set back a generation of entrepreneurial women. We need to help struggling small businesses safely reopen and stay open so they can continue to grow and create jobs in their local communities. The health and existence of small businesses are essential to the economic recovery of our nation.”
The Women-Owned Small Business Federal Contracting Program now comes into play. The WOSB Federal Contracting Program helps spread equality for women in the business world. For instance, the federal government limits competition for various contracts for women-owned small businesses certified in the WOSB Federal Contracting Program.
If you are unsure if your business may apply, a list of eligible businesses and corresponding NAICS code can be found on the U.S. Small Businesses Administration website.
The best part is becoming certified is FREE! In May 2020, the SBA updated regulations that make becoming certified easier than before.
Updated regulations are as follows:
- SBA’s new, free online certification process for WOSBs and EDWOSBs is live on SBA’s new online portal: certify.sba.gov
- SBA allows participation from firms certified by the U.S. Department of Veterans Affairs Center for Verification and Evaluations (CVE) and 8(a) Business Development Certification Program, provided they meet all eligibility requirements.
- SBA allows continued participation from businesses that utilize approved Third-Party Certifiers (TPCs) to obtain WOSB or EDWOSB certification.
- As of October 15, 2020, the previous self-certification option on the old certify.sba.gov platform is no longer available. For previously self-certified WOSBs and EDWOSBs, all documents previously uploaded in Certify.sba.gov will be available through March 31, 2021, for retrieval.
- If you currently have active contracts through the WOSB Federal Contracting Program, you will remain certified through the duration of existing contracts (whether you are currently self-certified or TPC-certified).
- All WOSB firms need to take action in beta.certify.sba.gov in order to compete for WOSB Federal Contracting Program set-aside contracts.
Don't Miss Out! Sign up now!
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If you would like more information, the SBA will be offering a free webinar, “SBA Women Owned Small Business (WOSB) Contracting Workshop”, on Tuesday, June 29th, 2021 from 9-11:00 a.m. (CDT) The workshop will cover how to become certified, WOSB Federal Contracts, and how to set up a SAM profile.
To register for the workshop, click here: