Simone Lawson
Woman-owned businesses are organisations that are owned and operated by female business owners. In the United States, a Woman-Owned Business Enterprise (WBE) is defined as a business that is at least 51% owned, operated, and controlled on a daily basis by one or more female American citizens. WBEs are typically certified by a third-party, city, state, or federal agency. In North Carolina, there are several certification options for woman-owned businesses, including the Women-Owned Small Business (WOSB) Federal Contract program, the Historically Underutilized Business (HUB) certification, and third-party certifying agencies. These certifications can provide benefits such as increased access to government contracts and other business opportunities.
| Characteristics | Values |
|---|---|
| Business size | Small business as per SBA small business size standards |
| Ownership | At least 51% owned and controlled by women who are U.S. citizens |
| Management | Managed by women on a day-to-day basis |
| Decision-making | Women make long-term decisions |
| Highest officer position | Held by a woman on a full-time basis, during normal work hours |
| Net worth | Less than $750,000 (for EDWOSB certification) or $850,000 |
| Adjusted gross income average | $350,000 or less (over three years) or $400,000 or less (for EDWOSB certification) |
| Fair market value of all assets | $6 million or less or $6.5 million or less (for EDWOSB certification) |
| Certification | WOSB or EDWOSB certification |
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What You'll Learn
Woman-owned business certification
To be considered for certification, a business must be at least 51% owned, operated, and controlled on a daily basis by one or more female American citizens. The highest officer position in the company must be held by a woman on a full-time basis during normal work hours, and women must make the long-term decisions for the company.
There are two types of woman-owned business certifications: Woman-Owned Small Business (WOSB) and Economically Disadvantaged Woman-Owned Small Business (EDWOSB). To qualify for EDWOSB certification, a business must meet all the requirements of the WOSB program and have owners with a personal net worth of less than $750,000 to $850,000, an adjusted gross income average of $350,000 or an average of $400,000 or less over three years, and a fair market value of all assets of $6 million or $6.5 million or less.
Certifications are provided by third-party, city, state, or federal agencies. The U.S. Small Business Administration (SBA) is a government agency that provides certification programs like the WOSB Program, making businesses eligible for certain government contracts. Businesses can also apply for certification through one of the four approved third-party certifying agencies and provide proof of their certification through certify.SBA.gov. Additionally, North Carolina has state-wide, local, and regional certification programs to improve participation and inclusion for certified businesses.
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Benefits of certification
Certification for women-owned businesses in North Carolina offers a range of benefits that support and promote the growth and success of these enterprises. Here are some key advantages of obtaining certification:
Access to Opportunities
Certification opens doors to a wide range of business opportunities. Certified women-owned businesses in North Carolina can access exclusive contracting and procurement possibilities with the federal government, corporate America, and local government entities. This includes the ability to bid on live projects through platforms like the NC Electronic Vendor Portal (eVP).
Enhanced Visibility and Recognition
Certification provides increased visibility within corporate and government supply chains. This recognition can lead to targeted business opportunities and a competitive edge when applying for contracts. WBENC certification, in particular, is considered a gold standard and is accepted by major Fortune 500 companies, enhancing the credibility and visibility of certified businesses.
Networking and Community
Becoming certified connects female business owners with a community of like-minded professionals and entrepreneurs. This network provides a valuable support system, mentorship opportunities, and the potential for strategic partnerships. The WBENC, for example, offers access to thousands of women entrepreneurs and their supporters, fostering connections and potential collaborations.
Education and Development
Certification programs often come with educational resources and development programs. These initiatives aim to spur growth and increase the capacity of women-owned businesses. This includes access to information, training, and tools that can help entrepreneurs enhance their business skills and make more informed decisions.
Funding Opportunities
While the federal government may not offer grants to certified for-profit businesses, there are still funding opportunities unique to women-owned enterprises. Certain grants, investors, loans, and other financial avenues are available specifically for women entrepreneurs, even if they choose not to pursue certification. Additionally, companies that create products benefiting their industry as a whole may qualify for special grants.
The benefits of certification for women-owned businesses in North Carolina are extensive and designed to foster an inclusive and supportive environment for female entrepreneurs. These advantages empower women-owned businesses to thrive and succeed in their respective industries.
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Requirements for certification
To become a certified woman-owned business in North Carolina, you must meet specific qualifications and submit a lot of documentation. The certification process is not the most straightforward, but there are resources available to help you through it.
The Small Business Administration (SBA) is a government agency that provides support and opportunities to entrepreneurs and small businesses. The SBA offers certification programs such as the Woman Owned Small Business (WOSB) Program, which make businesses eligible for certain government contracts. To qualify for the WOSB program, a business must be a small business according to SBA size standards, be at least 51% owned and controlled by women who are U.S. citizens, and have women manage day-to-day operations and make long-term decisions.
There are also EDWOSB certifications, a subcategory of WOSB, for economically disadvantaged women-owned small businesses. To qualify for EDWOSB certification, a business must meet all the requirements of the WOSB program and have owners with a lower personal net worth, adjusted gross income, and fair market value of assets.
In addition to the SBA, there are also third-party certifying agencies and state-wide, local, and regional certification programs in North Carolina that offer woman-owned business certifications. These programs can help improve participation and inclusion for certified businesses throughout the state.
The Historically Underutilized Business (HUB) certification is another option for woman-owned businesses in North Carolina. This program is designed to increase the hiring of women-owned businesses by the North Carolina Department of Administration. The City of Charlotte also has its own DBE program that seeks to hire a certain number of DBE businesses for projects utilizing USDOT funds.
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Third-party certification
Obtaining third-party certification is a crucial step for women-owned businesses in North Carolina seeking to expand their opportunities and access various benefits. This process involves engaging one of the approved third-party certifying agencies or organisations to validate the business's ownership, management, and control by a woman or women.
SBA-Approved Third-Party Certifiers
The Small Business Administration (SBA) recognises four third-party organisations for certifying women-owned businesses:
- National Women Business Owners Corporation (NWBOC): This organisation is dedicated to uniting women-owned businesses and advocating for their advancement.
- Women's Business Enterprise National Council (WBENC): WBENC promotes diversity and supports businesswomen in achieving certification to boost their careers. WBENC certification specifically confirms that a business is at least 51% owned, controlled, operated, and managed by a woman or multiple women.
- U.S. Women's Chamber of Commerce (USWCC): This organisation provides resources and support to enhance the confidence and leadership skills of women in business.
- El Paso Hispanic Chamber of Commerce: This certifier connects, advises, and coaches women business owners while advocating for female entrepreneurs. They offer Minority Business Enterprise (MBE) and Women's Business Enterprise (WBE) certifications.
State-Wide and Regional Certification Programs
In addition to these SBA-approved third-party certifiers, North Carolina offers state-wide, local, and regional certification programs to enhance participation and inclusion for certified women-owned businesses within the state. These programs provide valuable resources and support to female entrepreneurs, helping them prepare for certification and increase their chances of success.
Certification Process
The certification process typically involves a thorough review of business documentation, including ownership, financial structure, personnel, management, and governance. Site visits may also be required as part of the evaluation. Fees for certification are generally based on the business's annual gross revenue and are non-refundable.
Benefits of Third-Party Certification
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State-wide, local and regional certification
There are a number of state-wide, local, and regional certification programs in North Carolina to improve participation and inclusion for certified businesses throughout the state. These programs are designed to help female entrepreneurs prepare for certification and increase their chances of gaining it.
One such program is the Historically Underutilized Business (HUB) certification offered by the North Carolina Department of Administration. This program is designed to increase the hiring of women-owned businesses, and certification can increase your chances of getting hired for the North Carolina Department of Administration contracts.
Another example is the City of Charlotte's DBE program, which seeks to hire a certain amount of DBE businesses for projects that utilize USDOT funds in the city.
Additionally, North Carolina businesses can also qualify for DBE certification, which requires majority female ownership and operation, small business status, and a net worth that is not too high.
At the regional level, the Women's Business Enterprise National Council (WBENC) administers certification through 14 Regional Partner Organizations (RPOs) across the United States, including Puerto Rico, Guam, and the Virgin Islands. WBENC certification validates that a business is at least 51% owned, controlled, operated, and managed by a woman or women, and is considered the gold standard for women-owned business certification.
Overall, these state-wide, local, and regional certification programs offer valuable opportunities for female entrepreneurs in North Carolina to scale their businesses and access resources, contracts, and support networks.
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Frequently asked questions
A woman-owned business is a designation used by government agencies and industry associations to identify a business that is owned and operated by a female business owner.
There are several benefits to getting certified as a woman-owned business in North Carolina. The federal government's goal is to award at least 5% of all federal contracting dollars to women-owned small businesses each year. The North Carolina Department of Administration also has a program designed to increase the hiring of women-owned businesses.
To be considered woman-owned in North Carolina, a business must be at least 51% owned and controlled by women who are U.S. citizens. Women must manage day-to-day operations and make long-term decisions. The business must qualify as a small business as per the SBA small business size standards.
To get certified as a woman-owned business in North Carolina, you can apply through the SBA's website or through one of the four approved third-party certifying agencies. You will need to provide proof of your certification and meet specific qualifications.
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