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Aspiring 8a

WOSB Self-Certification Ends October 15

In case you have missed it, the self-certification option for WOSB firms is coming to an end today, October 15, 2020. After this date all firms wanting to certify through the federal government will have to certify or recertify through the new process at https://beta.certify.sba.gov/ where they will be required to create an account and upload documents to establish eligibility. Firms that certified in the past with a third-party certifier will not be required to upload new documents at this time. Firms that are utilizing the WOSB and EDWOSB Certification must complete this process or lose their program eligibility.

The major advantage of utilizing the SBA’s process is that it is now free of charge, where the third-party certifiers charge a fee.

The requirements for obtaining a WOSB Certification remain the same:

1.  The WOSB applicant must be considered a small business under the applicable NAICS;

2.  51% or more of the firm must be owned and controlled by one or more women who are U.S. citizens.

EDWOSB

1.  EDWOSB applicant firm’s owner must make less than $350,000 per year;

2.  The owner’s net worth must be less than $750,000, excluding interest in the business, retirement accounts and primary home equity.

3.    The owner’s total assets must be less than $6MM excluding retirement accounts.

It is recommended that a WOSB firm plan ahead and submit an application under the new system before submitting an offer or a proposal.  A list of required documents can be found here https://beta.certify.sba.gov/prepare/ . If you need help with any part of the process, including maximizing your small business’ potential using WOSB/EDWOSB, I always recommending contacting an industry expert such as ez8a, Government Marketing or Advance 8a. None of the aforementioned charge for an initial consultation.

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