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Women-Owned Businesses from Economically Deprived Backgrounds

Click now to find out how the women-owned small businesses program works and whether or not you qualify for EDWOSB business resources.

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Women-Owned Businesses from Economically Deprived Backgrounds

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  1. Women-Owned Businesses from Economically Deprived Backgrounds https://goodmanlantern.com/

  2. Small businesses often struggle when it comes to securing government contracts. But luckily, the Small Business Administration in the US has a variety of contracting assistance programs to help them out. One of these programs is the Economically Disadvantaged Women-Owned Small Business (EDWOSB). With this designation, your company has access to specific contracting opportunities and programs designed to help you succeed in the federal marketplace. Not only does this level the playing field, but it also gives you a leg up on the competition. 

  3. So, if you’re a small business with a General Services Administration (GSA) schedule, it’s worth looking into the EDWOSB program to see if you qualify for these valuable resources. Read on to discover what the women-owned small business program is, how it works, and how you can access the EDWOSB networking opportunities today.

  4. What Is an Economically Disadvantaged Women-Owned Small Business (EDWOSB)? Small businesses have always been the backbone of the American economy. However, individuals do not create all small businesses equally. Economically Disadvantaged Women-Owned Small Businesses (EDWOSBs) face unique challenges in the world of entrepreneurship.

  5. These businesses are not only owned by women, but they are also considered economically disadvantaged. This means these women face both gender and financial obstacles that can impede their chances of success. Despite these challenges, EDWOSBs are growing in number and proving to be a powerful force in the business world. With the proper support and resources, these women can thrive and continue to contribute to the economic growth of our country. As a woman entrepreneur, you might be wondering which Small Business Administration (SBA) program you qualify for since there are two separate certifications: Women-Owned Small Business (WOSB) and Economically Disadvantaged Women-Owned Small Business (EDWOSB).

  6. The key difference is that if you qualify as an EDWOSB, you automatically qualify for the WOSB program. But it’s not true the other way around. This means that if you’re a woman-owned small business that meets the criteria for the WOSB program, you’re not automatically eligible for the EDWOSB program. So, what’s the difference between the two programs? The EDWOSB program has a few additional eligibility requirements, including economic disadvantage, whereas the WOSB program casts a broader net. Regardless of which program you apply for, it’s worth considering both options to see which best suits your business needs.

  7. What Qualifies as an Economically Disadvantaged Women-Owned Small Business? Understanding the requirements to be considered economically disadvantaged can seem overwhelming and a bit confusing. It’s not just about how much money you make but also the value of all your assets.  Essentially, to qualify, you must have a personal net worth of less than $750,000, an average adjusted gross income of no more than $350,000 over the past three years. Also, the total value of your assets cannot exceed $6 million.  It may seem like a lot to keep track of. But these requirements help ensure that those who truly need EDWOSB business resources can receive them. It’s important to note that while meeting these criteria can be challenging, it’s important to have a clear understanding of what it takes to be considered economically disadvantaged.

  8. The Advantages of Certifying as a Small Business In a move to bring more equality and opportunities to the government market, the U.S. federal government has initiated two programs, WOSB and EDWOSB. They both aim at helping women business owners get government contracts. It is an ambitious goal for the government to award at least 5% of all federal contracting to Women-Owned Small Businesses each year, but it is also an admirable one. After all, the U.S. government is the largest buyer of goods and services worldwide. By limiting competition for certain contracts to businesses that participate in the Women-Owned Small Business Federal Contracting program, the government provides a more level playing field for women entrepreneurs. And that’s something we should all be able to get behind.

  9. If you’re a woman-owned small business looking to expand your contracting opportunities, the EDWOSB Program is worth considering! With this designation, you’ll be eligible to compete in both small business set-aside contracts and sole-source contracts. They both give you plenty of chances to win federal business. Plus, by teaming up with other businesses through a Contractor Teaming Arrangement or forming Joint Ventures with established government contractors, you can broaden your capabilities and take on bigger projects. And the best part? Applying for this certification doesn’t cost you anything, and there’s no downside, even if they reject your application.

  10. How to Certify as an EDWOSB As of July 2020, the Economic Disadvantaged Women-Owned Small Businesses (EDWOSB) certification process has been revamped. Now, self-certification is no longer an option for new applicants.

  11. To become a certified EDWOSB, a few crucial pieces of information must be provided on your certify.sba.gov account. This includes critical documentation like SAM.gov registration information, proof of U.S. Citizenship for the female owner(s), other business-related documentation, and joint venture agreements (if applicable). While the process may seem daunting, it’s a necessary step to take advantage of the opportunities available to EDWOSBs.

  12. Every year, the federal government puts aside a massive sum of money for small businesses  – over $100 billion, to be exact. And if you’re a woman-owned small business, there’s good news. The government is actively trying to award you a large portion of those dollars. As a GSA Schedule contractor, you have access to various platforms, tools, and contract opportunities that can help you take advantage of these set-aside funds. Now is the time to start if you’re not already utilising these resources. Knowing about these opportunities can give you a leg up in the federal contract space. It helps you reach your full potential as a seller. So take advantage of what’s available, and watch your business thrive.

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