Here’s How Women Entrepreneurs Can Win Federal Contracts

According to Women-Owned Small Business NAICS Analysis, women face greater challenges and severities in starting and growing their enterprises than men. Government funding for female entrepreneurs and the difficulty of obtaining a federal contract are one of the largest women entrepreneurs face. The reasons can be many – potential discrimination, limited business networks, lack of knowledge, unfavorable regulatory environment, etc.

The federal government funding for female entrepreneurs has developed and put into place policies and programs to assist women in accessing government contracts to help overcome these barriers and level the playing field. One of the certification programs authorized by Congress, (the WOSB) Women-Owned Small Business Federal Contracting Program, was created specifically “to provide additional opportunity for [women-owned] small companies to compete in the federal marketplace.”

The Federal Acquisition Streamlining Act (FASA), which established a 5% government-wide goal for contracting with women-owned small companies, gave birth to the WOSB program in 1994. 

Source 

WOSB Certification: What Is It? 

For women-owned enterprises, certificates in two areas are frequently available: 

  • Women-Owned Small Business (WOSB): Federal government organizations use this classification when looking for women-owned businesses to partner with. 
  • A subgroup of WOSBs is Economically Disadvantaged Women-Owned Small Businesses (EDWOSB). 

Women’s Business Enterprise (WBE): When looking for women-owned businesses to partner with, both private sector groups and numerous state and local governments use this classification. 

Certification for WOSB and EDWOSB 

According to the SBA, the certification procedure for WOSBs and EDWOSBs has improved in recent years, making it “easier for qualifying small businesses to engage” in the initiative. Your company can no longer self-certify. Companies must use the SBA website at certify.sba.gov or a recognized third-party agency instead. 

If you are qualified, you will be advised to obtain certification through the SBA or given a list of authorized third-party certifiers. They are:

  • The El Paso Hispanic Chamber of Commerce, 
  • The National Women Business Owners Corporation, 
  • The U.S. Women’s Chamber of Commerce, and 
  • The Women’s Business Enterprise National Council. 

To learn more about their certification procedures and any associated fees, contact the concerned authorities. But the fundamental steps in getting certified include filling out an application, and supplying information about your company (this varies based on your legal business structure). Also, having the certifying body visit your location of operation is important.

A non-refundable application fee is furthermore required. You will still need to send your proof of citizenship and TPC-certified papers to WOSB after receiving approval through one of these four TPCs. Before making a bid on a WOSB set-aside contract, visit Certify.SBA.gov. Although it’s challenging, certifying organizations offer clear instructions to assist you. 

Qualifications

Your company must meet the following requirements to be eligible for WOSB certification:  

  • Be owned and operated by women who are U.S. citizens at least 51% of the time. 
  • Assign a woman or women to oversee daily operations and reach long-term choices. 

Your company must: 

  • Comply with all women’s contracting program standards to be eligible to become an EDWOSB. 
  • Be owned and managed by one or more women. Their combined personal net worth should not be over $75,000.  
  • Be owned and managed by one or more women, each with an average annual adjusted gross income of $350,000 or less. 
  • Be owned and managed by one or more women, each with no more than $6 million in personal assets. 

Depending on the sort of business you run and how you applied, you may need to include the following data and documentation: 

  • The business name and false name (also known as “Doing Business As” or DBA) 
  • The firm website and the names, addresses, and phone numbers of the owners 
  • Date of incorporation, a list of all owners, partners, shareholders, or members during the last year, any affiliate relationships, and the names and contact details of any frequent clientele 
  • Driver’s licenses for all owners; 
  • EIN/Federal Tax IDs; 
  • Resumes of all owners, directors, partners, officers, and key personnel; 
  • Current bank statements for all your deposit accounts and loan statements; 
  • Financial Institution signature cards;
  • Documentation of how the company was capitalized
  • Business and/or personal loans; 
  • Employee information; Birth certificate, current passport, or naturalization papers; 
  • Personal loans; Business and/or business loans; 
  • Employee information
  • Financial statements for three years, including balance sheet, profit & loss statement
  • Authority to conduct business in the state and a certificate of good standing issued by the state’s Secretary of State

Bottom Line

So, this was all about government funding for female entrepreneurs. Make sure your application and supporting documents are complete before submitting them. The processing of your application normally takes at least three months, and if any information is incorrect or missing, the time frame will be extended. 

Hi, I’m Linda Rawson. Founder of GovConBiz.

I help entrepreneurs build a business and lifestyle they love!

I am personally responsible for my company, DynaGrace Enterprises, winning millions in federal government contracts.

I can help you so the same.

Work with me