8(m) Woman-Owned Small Business Federal Contracting Program

Definition

The 8(m) Woman-Owned Small Business Federal Contracting Program is an initiative by the U.S. Small Business Administration (SBA) that aims to provide federal contracting opportunities for small businesses that are at least 51% owned and controlled by women. This program helps women-owned small businesses gain access to government contracts, which can be a significant source of revenue and growth for these enterprises.

5 Must Know Facts For Your Next Test

1. The 8(m) Woman-Owned Small Business Federal Contracting Program was established by the Small Business Act to help women-owned small businesses compete for and win federal contracts.
2. To be eligible for the 8(m) program, a business must be at least 51% owned and controlled by one or more women who are U.S. citizens and actively involved in the day-to-day management and operations of the business.
3. The program provides women-owned small businesses with access to set-aside and sole-source contracting opportunities, as well as assistance in navigating the federal contracting process.
4. The SBA maintains a database of certified 8(m) women-owned small businesses, which federal agencies can use to identify eligible contractors for specific procurement opportunities.
5. The 8(m) program aims to increase the participation of women-owned small businesses in federal contracting, which can lead to greater economic opportunities and growth for these enterprises.

Review Questions

• Explain the purpose and key features of the 8(m) Woman-Owned Small Business Federal Contracting Program.
  • The 8(m) Woman-Owned Small Business Federal Contracting Program is an initiative by the U.S. Small Business Administration that aims to provide federal contracting opportunities for small businesses that are at least 51% owned and controlled by women. The program's primary purpose is to increase the participation of women-owned small businesses in government contracts, which can be a significant source of revenue and growth for these enterprises. To be eligible, a business must meet specific ownership and control requirements, and the SBA maintains a database of certified 8(m) women-owned small businesses that federal agencies can use to identify eligible contractors for procurement opportunities.
• Describe the role of the Small Business Administration (SBA) in the 8(m) Woman-Owned Small Business Federal Contracting Program.
  • The Small Business Administration (SBA) plays a central role in the 8(m) Woman-Owned Small Business Federal Contracting Program. As an independent agency of the federal government, the SBA is responsible for administering and overseeing the program. This includes establishing the eligibility criteria for women-owned small businesses, certifying eligible businesses, and maintaining a database of certified 8(m) contractors. The SBA also provides assistance and guidance to women-owned small businesses in navigating the federal contracting process, helping them access set-aside and sole-source contracting opportunities that are reserved for 8(m) program participants.
• Analyze how the 8(m) Woman-Owned Small Business Federal Contracting Program aligns with the broader goals and objectives of the Small Business Administration.
  • The 8(m) Woman-Owned Small Business Federal Contracting Program is closely aligned with the Small Business Administration's broader mission and objectives. By providing women-owned small businesses with access to federal contracting opportunities, the program supports the SBA's overarching goal of fostering the growth and development of small enterprises in the United States. The program also contributes to the SBA's efforts to promote economic equity and empower underrepresented groups, such as women entrepreneurs, to participate more actively in government procurement processes. Furthermore, the 8(m) program's focus on increasing the participation of women-owned small businesses in federal contracts aligns with the SBA's strategic priorities of expanding access to capital, facilitating business development, and creating economic opportunities for small businesses across the country.

Related terms

Small Business Administration (SBA): The U.S. Small Business Administration is an independent agency of the federal government that provides support to small businesses, including access to capital, counseling, and contracting opportunities.

Women-Owned Small Business (WOSB): A small business that is at least 51% owned and controlled by one or more women who are U.S. citizens and actively involved in the day-to-day management and operations of the business.

Federal Contracting: The process by which the U.S. government purchases goods and services from private businesses to support its operations and fulfill its responsibilities.