Registering your business as a 8(m) Economically Disadvantaged Woman-Owned Small Business (EDWOSB) can provide an enormous amount of federal benefits to a business owner. Countless Women-Owned Businesses have never even heard of this amazing set-aside program. The time has come for all these EDWOSBs to learn how to win these available contracts and discover how green the grass really is once a business has registered for federal contracting.
Registering your business as an 8(m) Economically Disadvantaged Woman-Owned Small Business (EDWOSB) will give a huge advantage to those who qualify. The government sets aside these funds to make sure EDWOSBs can succeed. Before a federal procurement officer awards a contract to an EDWOSB they must be registered and registered properly to start bidding. The contract cannot be greater than $5 million for manufacturing and no more than $3 million for any other contract. Sorry ladies, this caps out at $5 million per contract. Lastly, the contract must be relevant to the goods and services that are deemed compliant to EDWOSBs.
The federal government sets aside federal contracting dollars to businesses that meet the requirements to socioeconomic procurement programs. According to the Small Business Administration (SBA), on February 4, 2011, the United States government would expand federal contracting opportunities for Women-Owned Small Businesses (WOSBs) and Economically Disadvantaged Women-Owned Small Businesses (EDWOSBs). This ruling would authorize federal procurement officers to set aside certain federal contracts and awards for WOSBs and EDWOSBs. In order for your business to become qualified as an EDWOSB a business must meet the following requirements:
- 51% of business must be owned by one or more women
- Business must be managed by a woman
- Daily business operations must be controlled by a woman
- Woman must be a registered U.S. Citizen
- Personal net worth must be less than $750,000
- Average adjusted gross yearly income over the three years before certification cannot exceed $350,000
- All assets including primary home and value of business can not exceed $6 million
- Woman must hold the highest officer position in company