The U.S. Small Business Administration has expanded its Women-Owned Small Business Federal Contract program to provide greater access to contracting opportunities in underrepresented industries.
“It targets 83 industries of the North American Industry Classification System where a study shows that the federal government is deficient in giving business to women-owned businesses,” said Barbara Venturi, managing partner of White Plains-based Ambar Realty Group and president of the Women”™s Enterprise Development Center”™s board of directors.
One of the substantially underrepresented categories is offices of commercial real estate agents and brokers, under which Venturi”™s practice falls.
“Our business is sort of a different area to penetrate,” said Amy Lerner, managing partner at Ambar. “The services we give ”“ it”™s not a product, so there aren”™t ”˜spend dollars.”™”
Other underrepresented NAICS code categories were automotive repair, food service contractors, landscaping services and collection agencies.
Through legislation that first got under way about 12 years ago, Venturi said 23 federal agencies are now mandated to set aside contracts that may only be bid upon by certified, women-owned small businesses.
Another contract category is the economically disadvantaged women-owned small business, with set limitations based on personal net worth and dollars earned per year.
“I believe that because women-owned small businesses are starting at the rate of two-to-one to men, there”™s an increased focus on supporting the growth of those businesses,” Venturi said.
Once women-owned small businesses have been awarded a government contract, essentially they are assured payment.
Added Venturi: “It should be able to increase the amount of loans and credit the women-owned businesses can procure.”
To be eligible:
The company must be at least 51 percent owned and controlled by one or more women and primarily managed by one or more women.
The women must be U.S. citizens.
The company must be “small” in its primary industry in accordance with the SBA”™s size standards.
In order for the business to be deemed “economically disadvantaged,” the owner must have a personal net worth of less than $750,000 (with some exclusions) and adjusted gross yearly income averaged over the three years preceding the certification of less than $350,000, and the fair market value of all her assets must be less than $6 million.
To access instructions and an application, visit sba.gov/wosb.
Great article Kelly. I am in the process of researching these amazing opportunities for my business. Thanks.