New SBA Program Designed With Women In Mind
The Small Business Administration has instigated a new program designed to help women-owned small businesses and it is a huge victory for women business leaders who have advocated such as measure for years.
The federal program, called Women-Owned Small Business Federal Contract Program, earmarks certain federal contracts for qualified women-owned businesses. What this means is that federal agencies are now permitted to restrict competition for a particular set of government contract and direct them exclusively at women’s businesses.
Qualifications include that the woman own at least 51% of the business interest, must be a US citizen and she must hold the highest title in the business. A certification process is necessary as well in an effort to prove that the business is unequivocally owned by a woman.
It is recommended, though, that, before applying for the certification, women-owned businesses should restrict the owner’s ability to transfer her ownership interest as well as consider amendments within organizational documents in an effort to indicate without a shadow of a doubt that the business is woman-owned.
An approved third party can give certification to the woman-owned business or self-certification is possible. Since the government, though, has only just begun proceedings of compiling the list of approved third party certifiers, most women-owned businesses will need to self-certify.
To self-certify, a business must provide: a signed Program Certification Form, organizational documents including articles of incorporation and the woman owner’s birth certificate.
It is imperative, though, that the day-to-day operations must be run by the woman owner and she must be qualified to do so.
Short URL: http://ewireinformer.com/?p=2548
Posted by Stephanie Koch
on Jul 4 2011. Filed under Personal Finance.
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