“To be considered economically disadvantaged, the woman must meet three economic criteria: personal net worth must be less than $750,000 annually, adjusted gross income averaged over the last three years must be less than $350,000, and personal assets must be less than $6 million.”
Have you ever considered that the U.S. government is the world’s largest customer? The government buys a wide variety of products and is required by law to provide opportunities for small business owners. Fortunately for women entrepreneurs in Nebraska, this massive opportunity is made easier thanks to the Women-Owned Small Business Program.
The program, which is implemented and administered by the U.S. Small Business Administration, authorizes contracting officers to specifically limit or set aside certain requirements for competition solely amongst WOSBs or economically disadvantaged woman-owned small business, according to the administration’s website.
The WOSB program ensures a level playing field on which small business can compete for federal contracting opportunities.
“The program is still new enough that we haven’t seen quite the impact the program has had in Nebraska, but we predict it will continue to provide contracting opportunities for woman-owned businesses, particularly in those businesses and industries typically owned by men,” says Kathleen Piper, deputy district director of the Nebraska District Office of the Small Business Administration.
Other services offered by the SBA include contracting education and assistance, business development, and various business trainings for women wanting to start their own business.
“We have seen a trend of businesses being started by women that have traditionally been owned and run by men, particularly in construction and construction trades, cyber security, engineering, and facilities operation management,” Piper says.
Lisa Tedesco, lead business opportunity specialist at the SBA, says that in order to be considered for the program, a woman owner must be a 51 percent owner who controls the business on a full-time basis and be a U.S. citizen. “To be considered economically disadvantaged, the woman must meet three economic criteria: personal net worth must be less than $750,000 annually, adjusted gross income averaged over the last three years must be less than $350,000, and personal assets must be less than $6 million.”
Tedesco says there is no formal process for self-certifying as a woman-owned small business or an economically disadvantaged woman-owned small business: “Since it is a self-certifying program, the WOSB simply uploads the documentation providing eligibility into an SBA system, where it is housed if and when a contracting officer must verify eligibility prior to a WOSB award.”
“Starting a business is exciting, it can be financially rewarding, and it offers women a great deal of flexibility, but it is also risky, time-consuming, and a lot of hard work,” Piper says.
“The SBA and its network of resources partners (SCORE, the Nebraska Business Development Center, and REAP Women’s Business Center) exist to help business owners get free counseling, gain access to contracting programs, and obtain capital through SBA Guaranteed Loan Programs,” she explains.
Piper says Nebraska is full of opportunity for aspiring business owners. She mentions a robust lending community coupled with low interest rates that make this a good time to start a business.
She says that Nebraska’s business landscape is rich with things like excellent universities that are involved in world-class research with potential for new business and job growth. There are also multiple government contracting prospects thanks to the Offutt Air Force Base and United States Strategic Command, the U.S. Army Corp of Engineers, and other federal agencies buying goods and services for delivery locally and around the globe.
“Business ownership is a journey, and it is one that women do not have to take alone,” Piper says.
If only self-made Omaha business owner Melissa Stephens of The Cordial Cherry had contacted the SBA, she says she would have saved herself a lot of time and money. “I’ve problem-solved a lot on my own, and I’ve made a lot of mistakes. I probably should have reached out to an organization like the SBA just to help me adjust,” Stephens says.
During her journey to bring Omaha exquisite and unique chocolate-covered cherries, Stephens discovered having passion for her craft is absolutely necessary. “It’s not all roses and daisies every day. In fact, more often than not, it’s discouraging,” she says.
Stephens says it’s crucial to have resources and guidance like those provided by the SBA.
Her years of creating her own support system of friends and family helped her in her business. “I think any time your business requires you to adapt, having that guidance helps you avoid pitfalls that cost you both time and money,” she says.
Luckily for Nebraska women entrepreneurs, a support system—in the form of the SBA and the WOSB Program—is just a mouse click or a phone call away.
Visit certify.sba.gov for more information.