Women-Owned Businesses to Benefit From New Legislation
Congress identifies 83 categories in which women-owned small businesses are being underutilized. In fiscal 2011, federal agencies awarded $16.8 billion in contracts to women-owned small businesses, accounting for 4% of total federal contract dollars, Amex cited SBA data.
Participation by women business owners in federal contracting can be a lucrative revenue booster. According to recent American Express OPEN government contracting survey, 42% of women-owned small-business contractors generate revenues in excess of $1 million, far exceeding the 1.8% of all small businesses that have achieved that level of success.
"This is fantastic news," Martin-Rosa says. "More women-owned small businesses will be able to achieve larger contracts ... now that the agencies have the tools and the language they need to set aside larger contracts with women."
Federal agencies will be conducting pre-market research prior to contract solicitations at FedBizOpps.gov to determine if there are women-owned small businesses that can accommodate their needs. Martin-Rosa says that it is in this stage that businesses can ask questions to the agencies.
American Express OPEN offers four key steps to help women entrepreneurs get started with government contracting:
- Register your business in a portal called System for Award Management (SAM). This helps your business get noticed by government agencies. Registration is free, but requires specific company data, e.g. DUNS number, NAICS code, etc.
- Certify your business as a government contractor. More information on the SBA's website .
- Learn which government agencies buy your type of products and services before responding to any solicitation on USAspending.gov.
- Use all available resources to find information that will save you time and money . For example, starting Wednesday the Give Me 5 program , a joint program between American Express OPEN and Women Impacting Public Policy , will begin hosting free webinars to provide an overview of how federal contracting can be a tremendous growth opportunity for women business owners.
-- Written by Laurie Kulikowski in New York. Joe Deaux contributed to this report.
To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com.
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