Many Government Contracting Opportunities Await Women-Owned Businesses
The word “fearless” is an understatement for today’s female entrepreneur. More and more opportunities have manifested themselves to women who take the daring leap of self-employment, which transitions into full-blown entrepreneurial ventures and business ownership.
Quintessential women have proven our tenacity in an arena that has been dubbed the “good ole boys club” for centuries. According to the National Association of Women Business Owners, one in five firms taking in revenue of $1 million or more is woman-owned. There are 2.9 million firms owned by women of color generating over $226 billion in revenue and employing roughly 1.4 million people.
As a matter of fact, the city that I reside and do business in, Las Vegas, is showing significant growth in the number of women-owned firms. The U.S. Census Bureau data on privately held enterprises for Las Vegas reported 61,200 women-owned firms employing 63,700 people and boosting Nevada’s economy with $12 billion in revenue.
Based on these statistics, women who choose to walk in their power are primarily responsible for ongoing financial growth and advancement in their communities.
Forging the path for others to follow in their footsteps, the world has opened and poured good fortune on women entrepreneurs by way of the U.S. Small Business Administration.
A major perk that women in business have access to today is the Women-Owned Small Business (WOSB) Federal Contract Program. The U.S. federal government is required by law to provide opportunities for small businesses that would otherwise be swallowed up by larger companies.
The federal government purchases $400 billion in goods and services from the private sector each year, and at least 23 percent of all contracting dollars are awarded to small businesses. The woman who owns and operates a qualifying small business is in the running to receive the five percent of government contracts that are set-aside specifically for you!
Are you ready to take advantage of this dynamic business opportunity? Here are the eligibility requirements you need to meet:
■ A woman must hold the highest officer position in the business.
■ This woman must work at the business full-time during normal working hours.
■ The business must be at least 51 percent unconditionally and directly owned by a woman who is a U.S. citizen.
■ Women must manage the day-to-day operations.
■ There is no minimum amount of time for your business to be operational.
There is a four-step process to participating in the WOSB Federal Contracting Program. You must start by visiting SAM.gov to register your business and then get the proper certification at certify.SBA.gov.
To sweeten this pot, your business may also be eligible for and qualify as an economically disadvantaged, women-owned small business (EDWOSB) to compete and get awarded with a government contract. Both the business and its owner must meet the following requirements:
■ Personal net worth is less than $750,000 excluding:
■ Ownership in business and primary personal residence
■ Income reinvested or used to pay taxes of business
■ Funds reinvested in IRA or other retirement accounts
■ Transferred assets within two years if to, or on behalf of, immediate family member for select purposes
■ Adjusted gross income average over three years is $350,000 or less, excluding:
■ Income reinvested or used to pay taxes of business
■ Fair market value of all assets is $6 million or less, excluding:
■ Funds reinvested in IRA or other official retirement accounts
These are excellent SBA programs that enable women-owned small businesses to show up in industries where they have been underrepresented.
FOR MORE INFORMATION
To find your qualifying industry, visit the current list of NAICS codes designated for use under these SBA programs: https://www.sba.gov/sites/default/files/2016_wosb_NAICS.p
