Blog Post

Women in Business

shavonsmith • May 17, 2015

March is a good month for women. According to the National Women’s Business Council, there are over 7 million women-owned businesses in the US. Washington, D.C. and Maryland are the states with the largest percentage of women-owned businesses, and Detroit is the city with the largest percentage of women-owned businesses (shout out to my hometown!). Women-owned businesses have $1.2 trillion in total receipts. African American women-owned firms generate $36.8 billion of that figure.

Now, as we end Women’s History Month, let’s highlight the Women Owned Small Business (WOSB) program that provides opportunities for women-owned small businesses to do business with the federal government. In 2012, WOSB accounted for four percent of all small business federal contracts, amounting to $16.2 billion total—now wouldn’t you want a piece of that pie?

Do not assume that your business, product or service is not a right fit to do business with the government. Federal and state governments purchase a wide-range of services and products each year, and provide an excellent platform for women-owned businesses—perhaps even yours.

Who Qualifies :  The WOSB must be small… as defined by the SBA. (Definition found here ) The entity must be 51% owned and controlled by one or more women who are U.S. citizens. That means in an LLC, a woman must have 51% ownership of each class of membership. Control refers to not only the daily operations of the entity, but the long-term planning as well.

Certification :  In order to bid on contracts, the entity must be certified as a WOSB either by self- certifying or through third party certification by state government, local government, or an SBA approved certifying entity.

Industries : A range of industries is eligible for WOSB contracts. There are several industries identified by the SBA where women-owned business are underrepresented or substantially underrepresented, such as residential construction, transportation, and design. A full list of NAIC codes can be found here.

Resources :  There are a ton of resources to educate women business owners on the process of bidding on federal government contracts and entities that will help woman-owned businesses through the process.

If you are a small business with government contracts or seeking them and you need legal assistance we would love to an opportunity to meet with you. Contact us at 202-505-5309 or info@thesjslawfirm.com.

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