Earning a government contracting job can be a boon for any business, as well as its owner. Women owners can seize the day when new opportunities arise, and figuring out how to gain an SBA loan is the first part of that process.
Federal News Radio recently reported on the ChallengeHER gathering in Washington, an SBA event appealing to women small business owners. One of the speakers present was Department of Defense Small Business Specialist Janique Hudson, who spoke to vendors directly about what makes a good proposal for a government deal.
"I tell vendors this all the time: Do not think you have to see or meet with a program office or a contractor officer to win an award," she said.That's not how it works," Hudson said. "It's you and what you bring to a proposal. Believe in yourself and what you're putting on paper because that's what the important thing is."
For someone who wants to follow this example, getting support at a crucial point in her career will make embracing the business easier. Pursuing available capital when it's out there can take financial savvy as well as knowledge of what the different government loan programs actually support.
Meeting qualifications
The SBA actually has specific guidelines for women-owned small business certification. While there's no minimum amount of time in operation needed for a business to be considered, the SBA does charge that a woman must hold the contending business' highest officer position and work standard, full-time hours. Women also need to be involved with both day-to-day and long-term operations, and account for 51 percent or more of the business' owners.
"Women need to be involved with both day-to-day and long-term operations for the business to qualify as a contractor."
All of the above verify that women are suitably engaged with the business, but there are other measures that have more to do with the "economic disadvantage" of the venture. These include the requirements for the assets' fair market value, which needs to be lower than $6 million, while the personal net worth is lower than $750,000.
This doesn't count some of the aspects of the related finances, including IRAs and retirement accounts. The adjusted gross income also has to be at most $350,000, without the income reinvested or used to pay business taxes, all according to the SBA's official website.
Using the Growth Capital Community Advantage Program
A for-profit business in the proper industry can gain the benefits of the SBA Community Advantage Loan Program, which is another option for women owners to consider, especially if they qualify for the economically disadvantaged status. In addition to a government contractor job, these alternative financing ideas can help grow business and increase presence in a significant way.
Contact Growth Capital today, or sign up for our mailing list, to learn more.
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