SBA Federal Contract Opportunities To Women Owned Small Business

SBA 8a certification has offered new opportunities to get more federal contracts for women owned small business. As per its final verdict on the program, it has included a new certification, known as edWOSB (Economically Challenged Women Owned Small Business). As per this new program, women business owners get increased chances of getting the government contracts.

Women Owned Small Business SBA Certification Federal Contract

Benefits of edWOSB program

• As per the new program, women business owners can also win set-aside government contracts
• 5% of these federal government set-aside expenditure is for the WOSB or edWOSB program
• Projects that are less than $3 million and $5 million can take advantage of this set-aside
• 5% of the subcontract requirements are fixed to wosb from large major contractors
• Along with other programs like SDVOSB and HUBZone, this new program has equal opportunity
• The new program also has a separate mentor protégé
• The program has no term limit
• Nearly 83 industries that are qualified by NAICS codes are enlisted in the program
• On 45 industries, rule of 2 for wosb is implied
• On nearly 38 industries there is no rule of 2 for edwosb companies

How to get 8A Certification

You can get new 8a small business certification in a number of ways, some of which are –

o Third party certification
o Using existing 8a or 8a BD certification
o Using DOT’s DBE certification
o Self certification

Procedure for Self Certification

The procedure for self certification is as follows:

1. As per the SBA final rule guidelines, you need to determine whether you are eligible for the program
2. Your business needs to have at least 51% women ownership
3. The financial threshold of the women owners should be as follows:
o Gross asset should be less than $6 million
o Net worth of business should be less than $750,000
o The annual income or salary of owners should be less than $350,000
4. You need to review 83 industries under NAICS and see whether you are meeting the standardized size
5. As per your business qualification you need to choose either wosb or edwosb program
6. You need to provide documents for the program, which are as follows:
a. Business profile – type, financial statement, tax returns, and so on
b. Owner’s (s’) profile – financial statement, personal tax return, credit history, and so on
c. Management profile – list of employees with residential details, list of officers with residential details, and so on
d. You need to fill out IRS form 4506-T
e. You need to fill out SBA 413 form
f. You need to fill out SBA guidebook’s appendix C, in case you are applying for edWOSB certification
7. You need to register or update (if already registered) your CCR registration
8. You need to complete or update DSBS database of SBA
9. You need to complete or update ORCA database
10. You need to sign all the documents mentioned above with notary affidavit
11. Then submit all the documents along with the application form to repository database of WOSB or edWOSB
12. Need to maintain a duplicate copy for company record

However, if you want to be free from the hassles of so much paperwork and stringent application procedure, you can take help of a professional consultant and pay more attention to increase your business revenue.

Please Check Video  GSA Schedule Contract & 8A Certification