Economically Disadvantaged Women-Owned Small Business (EDWOSB)
Each year, the government is mandated to allocate at least 5% of its contracts to women-owned small businesses. Some contracts are restricted further to economically disadvantaged women-owned small businesses (EDWOSBs). If you get a certification for EDWOSB, your firm will also be certified as a Women-Owned Small Business (WOSB).
Getting certified as an EDWOSB is a must if you want to give your business a fair chance. With this certification, businesses owned and run by women will have more chances to get contracts from the government. Out of the 550 billion dollars the government awards annually, about 25 billion are only given to WOSB and EDWOSB-certified firms.
Once you have your certification, your business will start to get a range of benefits, and you'll be ready to start competing for Government Contracts. Here are the benefits of getting a WOSB certification:
- Reduced competition by getting the right to make the only bid on EDWOSB set-aside solicitations
- Gaining more traction in the federal/local government marketplace
- Marketing advantages with government exposure
- Increased government contract opportunity
- Marketing and networking events presented to you
To get into the program as an EDWOSB, a business must:
- Meet all of the WOSB Federal Contract program's requirements.
- Be owned and run by at least one woman with a net worth of less than $750,000
- Be owned and run by at least one woman with an average adjusted gross income of $350,000 or less over the past three years.
- Be owned and controlled by at least one woman with personal assets totaling no more than $6 million each.
If you meet these standards, the government will qualify your business as an EDWOSB.
The 8(a) Business Development program and the WOSB Federal Contract program now both have the same standards for people who are economically disadvantaged. In both programs, an economically disadvantaged person's personal net worth is not taken into account if they have money in an official retirement account.
When possible, the SBA will decide within 90 days of receiving your complete application. Typically, an SBA representative may contact businesses to ask for more information or proof if the application is incomplete or doesn't meet the program requirements.
But no worries! With the assistance of our team, we will ensure that your application is complete and complies with the requirements.
Want to get certified? Reach out to our team!
Becoming a certified ESWOSB is complicated, but our experts will help you get through it. When you choose Global Presence Marketing to help you, you get a group of dedicated people who want your Woman-Owned business to do well for many years.
Contact us today.