Woman owned small business loans are basically the same as SBA 7a loans. The huge difference is that Woman Owned Small Businesses (WOSB’s) receive premium treatment with regard to funding and underwriting.
The rules set up to protect WOSB’s means that women no longer need to worry about lender prejudice based on gender. SBA rules and new federal regulations actually create greater oversight of WOSB business loan applications and require lenders to increase efforts to lend to Women Owned Small Businesses.
Dividend America, LLC is committed to ending lending prejudice against Women Owned Small Business and we are excited to provide Women Owned Small Business Loans. Our Women Owned Small Business Loan is designed to help women obtain the capital they need to succeed!
EXCITING NEWS! Women Owned Small Businesses now have additional revenue resources from the Federal Government under an expanded contract program targeting WSOBs. … read below.
Women-Owned Small Business Rules Released
The U.S. Small Business Administration will begin implementation of its women-owned small business (WOSB) contracting program. The agency expects the program to be available for WOSBs in early 2011.
This rule identifies 83 industries in which WOSBs are under-represented or substantially under-represented in the federal contract marketplace. “Women-owned businesses are one of the fastest growing sectors of our nation’s economy, and even during the economic downturn of the last few years, have been one of the key job creation engines in communities across the country,” SBA Administrator Karen Mills said.
The creation of a rule to increase federal contracting opportunities for WOSBs was authorized by Congress in 2000. Since that time, SBA took a number of steps to study and analyze the market, including looking at participation by women-owned small businesses across all industries.
Some of the components of the Women-Owned Small Business rule include:
- To be eligible, a firm must be 51 percent owned and controlled by one or more women, and primarily managed by one or more women who are U.S. citizens.
- The rule sets aside a certain quota of federal contracts for WOSBs where the anticipated contract price does not exceed $5 million in the case of manufacturing contracts and $3 million in the case of other contracts.
- This program allows for women-owned small businesses to self-certify as “WOSBs” or to be certified by third-party certifiers.
- WOSBs which self-certify must submit a robust certification verification, to complete the certifications at the Federal Online Representation and Certification Application (“ORCA”) Web site, and also to submit a core set of eligibility-related documents to an online “document repository” to be maintained by the SBA.