Classifications and Certifications
- System for Award Management – SAM. Do you desire access to federal contracting opportunities? If so, you will need to complete and maintain your company registration in SAM. Making sure that you enter your small business profile information to be included with the Small Business Administration supplemental pages allowing potential contractors to view your offerings.
- Small business classification. Businesses that meet the requirements may become registered allowing them to participate in governmental “set-aside” opportunities for small businesses. The more set-aside categories your business qualifies under, the better it is for your company. Since the government agencies are required to spend a minimum of 43% of allocated funds with designated small business set-asides, why not allow your business to take advantage of your socioeconomic status.
The following basic descriptions are meant to help you determine your company’s potential inclusion. The Small Business Administration is the agency responsible for establishing the maximum size of a business desiring to be certified as a small business thus opening the door to potential allocations and federal contracts. The SBA set the standards which are based upon the average number of employees and/or the average total annual receipts.
If your business qualifies as a small business under SBA guidelines, other certifications may be opened to you if your business falls into any of the additional categories:
- A woman owned business (WOSB or EDWOSB also known as 8(m)) – To qualify in this category, the business must be 51% owned or controlled by a woman or group of women who are American citizens and fall under specific NAICS.
- A veteran or a service-disabled veteran-owned business (VOSB or SDVOSB) To qualify in these categories, the business must be owned by a veteran or a veteran who was disabled during active service.
- HUBZone – The federal government has targeted areas of the country that have historically shown to be distressed and desires to include small businesses located in those areas when contracting opportunities become available.
- 8(a) Business Development. This is an SBA program geared to help socially and economically disadvantage individual get their small business off the ground or built up. More information can be found on the tab entitled 8(a) Business Development.