The Small Business Administration is starting a new program Friday intended to provide more government contracts to women-owned small businesses.
The first contracts are expected to be awarded by the fourth quarter of this year.
“As we continue to look to small businesses to grow, create jobs and lead America into the future, women-owned businesses will play a key role,” said SBA administrator Karen Mills. “That’s why providing them with all the tools necessary to compete for and win federal contracts is so important. Federal contracts can provide women-owned small businesses with the oxygen they need to take their business to the next level.”
The new program will provide greater access to federal contracting opportunities for women-owned businesses and economically disadvantaged women-owned small businesses. It allows contracting officers, for the first time, to set aside specific contracts for those businesses.
On Friday, the SBA will release instructions on how to participate in the program, as well as launch the secure, online data repository for women owned businesses to upload required documents.
For more information on the program or to access the instructions, applications or database, Click here
During the ramp up period over the next several months, SBA is encouraging small business owners to review program requirements and ensure their required documents are uploaded.
To qualify as a women-owned business, a firm must be at least fifty-one percent owned and controlled by one or more women, and primarily managed by one or more women.
The women must be U.S. citizens and the firm must be considered small according to SBA size standards.
To be deemed economically disadvantaged, a firm’s owners must meet specific financial requirements set forth in the program regulations.
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