SBA to award federal contracts to more women-owned small businesses

8/3/2011

The U.S. Small Business Administration unveiled plans in February to develop the Women-Owned Small Business Federal Contract Program, and contracts are set to be awarded by the upcoming fourth quarter of 2011.

The program creates a pool of WOSB applicants (in addition to Economically Disadvantaged Women-Owned Small Businesses) that are eligible for certain federal contracts. Once deemed qualified, WOSB and EDWOSB companies will compete to produce the goods and services of the chosen industry. Through the initiative, the SBA hopes to reach its goal of putting 5 percent of federal contracting dollars into WOSBs.

A qualified business must be at least 51 percent owned and directed by a woman (or women), who is required to be a U.S. citizen. According to the SBA, this means that daily business operations must be administered and managed by women - including company strategy, primary decision making and standard management. For example, a qualifying WOSB would have a female taking in more than half of the profits, handling the government contract and managing operations and finances (such as procuring a business loan).

Interested businesses should register as a WOSB or EDWOSB with the SBA Central Contractor Registration.