Government Contracting : Classifications :
Woman-Owned Small Business (WOSB) Classification
In 1994, the Federal Acquisition Streamlining Act (FASA) was established, setting a goal for Federal agencies to award at least 5% of all prime and subcontract dollars to WOSBs. Despite continued growth in the number and economic impact of women-owned firms, the 5% goal has never been achieved on a government-wide basis. Nonetheless, 2.9% of Federal contract dollars were spent with women-owned businesses in FY2002 – the highest share achieved since this information has been recorded.
- Q. What are the benefits to being certified as a WOSB?
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5 percent of prime and subcontracts are designated for WOSB. WOSB can also benefit from mentoring by other Women-owned businesses.
- Q. What are the basic requirements a WOSB firm must meet?
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A WOSB is a small business that is:
- At least 51% owned by one or more women or in the case of any publicly owned business
- At least 51% of the stock of which is owned by one or more women
- Is owned by a U.S. citizen
- Owns, operates and manages the business on a daily basis
- Is in business at least one year.
- Q. How do I certify/classify as a WOSB?
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WOSB is a self-certifying classification.
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