Basic Eligibility Criteria of WOSB Certification
The US federal government has declared a number of small business development plans in which 8(m) Certification is one most popular program for supporting the women business entrepreneurs. Now, as more and more women are coming into business and are increasingly opting for the certification, it has become pretty tough to get into the program. List of eligibility criteria are there to evaluate the potential of an applicant. US federal government offers the grant in the name of WOSB or women owned small business certification. There are several types of women business certifications in fact to support different types of situations. And so, it is advisable that you first evaluate your own business before opting for a certain program.
Recognizing the potential of women entrepreneurs in running a business the US federal government has started supporting their way with an objective to make their way a lot smoother. However, the basic objective of the federal agencies is to uplift the standard of state economy by backing up the Women-Owned Small Business companies. So, being a women entrepreneur you must take a look at the advantages available to the grant and the eligibility criteria of the programs before taking a step towards getting certified. Considering the end result of the women business certifications you can be rest assured about the fact that no other business development plan can drive the growth of a company like any other business certifications do.
Well, at the same time you must understand the fact that WOSB certification is not a direct funding process and so you should not expect to get funded immediately after being certified by the company. Funding is only provided when the contract is duly signed by the authority. However, once being certified your small business becomes eligible to opt for other funding supports offered by various governmental and nongovernmental organizations. Now, as we have stated above that the eligibility criteria of this program is not very simple to go through you need to hire a professional certification consultant to get an idea about the issues and possible hassles.
To see if your firm is eligible for the woman owned small business certification the consulting firms will ask you the following questions. The answers are supposed to be positive but in case there are some negative replies you can be rest assured that your application process will inevitably experience the impediments. To the very first place you must determine if 51% of the business entity is owned and operated by a woman or group of women who are US citizen(s). Second question is if the woman owners of the firm document their status as both female and US Citizenship by a birth certificate, naturalization papers or passport.
Most important thing is at least one woman should own, manage and control the day to day operations of the firm that is opting for the woman owned small business certification. If a woman is holding the highest position in the firm, her earning should be commiserating with past earnings of the employees of the firm. Apart from that the woman owners should devote full time to the management of the firm and the ownership must possesses all of the necessary technical expertise, experience and certifications in order to manage the firm without relying on others. So, go through the eligibility issues in details to get well assured about your future success.
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