What is a Women-Owned Business Enterprise (WBE)?
Almost 20% of all firms are owned by women according to the 2018 Census. That number has been increasing over the years, especially in construction.
There are many advantages to being a Woman-Owned Business (WBE) and having certifications can validate that. Not only do certain certifications allow you to secure access to training and resources but they also help you discover new opportunities that can aid in the success of your business.
As a Women-Owned Construction business, it’s important to check the requirements on each Request for Proposal (RFP) before submitting your response. Since Federal, state, and local jurisdictions have different requirements, you want to be certain that your firm is properly certified.
In general, a Woman-Owned Business Enterprise (WBE) certification means your company must be:
- At least 51% owned by women
- Operated and controlled daily by one or more women
The WBE requirements above are generally the same for each certification. However, some certifying entities may also look at the size of your business and/or the specific industry size standards. Some certifications you can obtain are:
- WBE - Issued by many municipalities.
- WOSB - Issued by the Small Business Administration. This is particularly valuable on Federal Contracts.
- WBENC - Issued by the Women’s Business National Council. This is a private certification entity and is accepted by more than 1000 corporations nationwide.
If you have any questions about how to obtain WBE certifications or about general WBE benefits, reach out to TSIB and speak with one of our Risk Consultants today for more information!
TSIB’s Risk Consultants are currently servicing the following locations:
East Coast: New York City, NY; Bergen County, NJ; Fairfield County, CT; Philadelphia, PA
Texas: Austin, San Antonio, Houston, Dallas
California: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County
Image credit: thomasandreas/shutterstock.com
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