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Is My Goal to Obtain a WOSB Certification or Is It to Do Great Business with the Federal Government?

The federal government has created a 5 percent goal in order to level the playing field for Women-Owned and Economically Disadvantaged Women-Owned Small Businesses (WOSB/EDWOSB) in the federal marketplace. What makes this opportunity special, and why should women take advantage of it?

As stated by the U.S. according to the Census Bureau, there are 10.9 million jobs and $1.9 trillion in revenue generated by 1.2 million women-owned firms in the United States of America.

The amount of federal contracts given to WOSB/EDOWSB in FY20 was 4.85%, or $27 billion. 15% of the opportunities for government contracts that were available were passed up by women business owners.

It is definitely important to know more about these SBA programs and how you can make use of this chance to certify your company, making your company eligible to compete for government contracts that are only awarded to program participants.

I always suggest contacting an industry expert so you can thoroughly evaluate your company’s eligibility, making sure you meet the structural standards for this accreditation. The amount of time needed to prepare and put together your WOSB or EDWOSB application varies depending on the client, but it typically takes two weeks on average. A well-prepared application package often receives a response from the SBA within two to three months, with four months being a decent time estimate for the award in terms of business strategy. Recommended industry experts would include ez8a or Advance 8a, either of which do not charge for an initial consultation.

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