WOSB INFORMATION ON ECONOMIC INCLUSION AND UPCOMING CHANGES TO WOSB CERTIFICATION PROCESS

 Small businesses are critical to economic vitality, and entrepreneurship is at the heart of the American Dream. These businesses produce money, expand the tax base, create local jobs, foster innovation, and boost competition.

Based on WOSB information, women-owned firms account for 42 percent of all businesses in the US and are the fastest-growing group (twice the rate of all other businesses). According to the survey, women of color make up half of all women-owned firms, with African American/Black women-owned businesses growing at the highest rate. Minority-Women-Owned Businesses are expected to generate $422.5 billion in revenue in 2019. 



However, that figure only accounts for 23% of the overall revenue generated by women-owned enterprises. Based on WOSB information, if parity with White women is attained, their annual revenue might reach $1.4 trillion!

Economists agree that minority and women-owned firms have immense potential and that expanding the number of these businesses will result in the country's economic growth is stronger and more sustainable. Women and minorities address problems in new and innovative ways, bring back community investment, capture unexplored markets, and create jobs, mentorships, and investment possibilities with their diverse perspectives, skills, and experiences.

Unfortunately, women and people of color confront numerous economic challenges, one of which is obtaining the cash needed to start or grow a business. Women couldn't take out business loans in their name until around 30 years ago when the Women's Business Ownership Act was passed. Nonetheless, an increasing number of women-owned firms are succeeding against the odds by pursuing alternative sources of finance, promoting sound business practices, and incorporating a long-term and competent workforce, innovation, perseverance, and enthusiasm into their endeavors.



As per, WOSB information Small Disadvantaged Businesses (SDB), Women-Owned Small Businesses (WOSB), Service-Disabled Veteran-Owned Small Businesses (SDVOSB), and Small Businesses in Historically Underutilized Business Zones (HUBZones) have annual set aside targets set by the SBA (HUBZone). Native American, veteran, and LGBT-owned businesses are also supported. 

At the SBA's next series of webinars on various elements of federal government contracting, you may learn more about these programs and prospects.

As per WOSB information, Companies can use the SBA's free certification procedure or engage with recognized third parties (*see www.sba.gov/wosbready for a list of approved Certifiers). The EDWOSB/WOSB certification, as well as any other government certifications, can be walked through by your Norcal PTAC Procurement Specialist.

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