Being a woman if you are looking forward to establish your own business to the most competitive federal marketplace, it is advisable that you get some knowledge about the federal business support plans those are solely meant to support the businesses owned and operated solely by the women entrepreneurs. US federal government agencies provide grants for the women owned ventures in the name of WOSB or Women Owned Small Business Certification.
Recognizing the potential of women entrepreneurs in running a business the US federal government has developed a number of Women Business Certification programs to support their essential needs. Basic objective of the federal agencies is to uplift the standard of state economy by supporting the Women-Owned Small Business companies. So, being a women entrepreneur it is always to take a look at the advantages available to the grants and the eligibility criteria of the programs before getting started with the application process.
Considering the end result of the WOSB grant you can say that no other business development program can drive the growth of women businesses like the federal women owned business certification do. However, being a woman entrepreneur you should not expect to get funded immediately being certified by the SBA; the application process is pretty lengthy as most of the government processes are. Also the eligibility criteria of this certification program are stringent and an applicant has to meet them perfectly in order to obtain the certification successfully. To the very first place an applicant has to be above 18 years of age and a US citizen to apply for the program. Besides, apart from various other legal papers and documents the applicants have to submit their tax return and financial statements of the recent years.
Here you must keep the fact in mind that an 8(m) certification can never guarantee your business success; rather, it brings you the opportunities. Now, as far the advantages are concerned the US grants for the women owned small business companies are not only meant for funding assistance but also help the companies to obtain the SBA tax relief and various other small business loans backed by the US Government agencies for women at a considerably lower interest rate. That is the reason why you must make your concept clear about the program before making a final deal.
While applying for the WOSB certification program you need to submit the business plan to the authority. As per agency standard, at least 51% of the business has to be owned and operated by the women. As there are separate program for the minority owned businesses, if you are a woman and belong to the minority class, you should mention any one of the eligibility status in order to avoid the application hassles. The fact is, one time rejection of the application will make you ineligible for the next six years. That is the reason why you need to be careful enough to meet the eligibility issues perfectly.
So, while you are planning to obtain a woman owned business certification, make a research online about the eligibility criteria and details of the application process first. In case, you find it difficult to understand the program details, it is advisable that you hire a professional consultant who can make your way a lot smoother by providing constant support and guidance.
