Learn the Basics of Women Owned Small Business Certification
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This month’s 2nd Wednesday Morning Break addresses the Small Business Administration’s (“SBA”) Women Owned Small Business Certification (“WOSB”) Program. In this episode, host and attorney Patricia Scott interviews fellow attorney Amanda Dernovshek about the WOSB Program, its purpose, and the certification process.
The SBA revamped its WOSB certification in October of 2020. Our firm has also published two articles on this topic - Part One: Requirements and Part Two: Certification and Benefits.
For those that were unable to attend the live session, below is a link to the video recording of the session to view or share at your convenience:
We received a number of questions that, due to time constraints, we were not able to answer live while recording. Below are some of the submitted questions along with answers provided by attorney Amanda Dernovshek.
- Can you discuss some of the advantages of becoming qualified?
- "If a business holds a WOSB or WBE certification, it may qualify for certain governmental funds and government contracts that are specifically set aside for WOSB or WBE companies. Additionally, having a WOSB or WBE certification may also attract new clients and potential employees."
- Would a one-person business qualify?
- "Absolutely. There is no requirement that a business must have multiple owners. If the individual and her business qualifies under the application requirements, the business will be eligible for the certification."
- What is the cost to certify?
- "There are various costs involved with certification and the answer depends heavily on the certifying agency. The SBA application and certification process are free, but if you have an accountant or attorney assist in compiling the documents, the business would incur some cost. Other agencies or third party certifying companies may charge a fee for the application which could be a flat fee or a fee that is based on the average sales of the business."
If you have other questions on this topic not answered by Wednesday's session, please feel free to contact:
- Amanda Dernovshek...517.371.8259...adernovshek@fosterswift.com
Video recordings of previous 2nd Wednesday sessions are continually added to the finance practice page at fosterswift.com.