The Women's Federal Procurement Program aspires to empower women-owned businesses, especially economically-disadvantaged ones. This project, aimed at organizations that are around 51% owned by one or more women, wants to instill equality in competition with other enterprises of any size. The scheme is new and has yet to get on its highest capability. However, this program is already helping women-owned organizations in a couple of helpful ways, as listed below.
€ Eligibility
The Women's Federal Procurement Program yearns to halt discrimination and the lack of representation for women-owned companies. The project aims to recognize businesses that are owned by women and to apply specific ways that will make these businesses known and qualified as businesses that can compete in their respective areas. There are little to no women when it comes to procurement. The program wants to rectify this so that women will be geared to go into this area.
€ Representation
The women's federal procurement program had seen women's underrepresentation when it comes to several categories in business. The program substitutes to this by seeing to it that a business stays at least 51% owned by women. The program also ensures that needs regarding a woman's say in the business is eligible, and are heard by the SBA.
€ Assistance
The SBA offers support to women-owned businesses as much as they give the same to small businesses, minority-owned businesses and service-disabled veterans. The women's federal procurement program permits women to register their businesses as women-owned businesses as long as they meet the criteria. Funding, counseling, technical help, and training are offered to women who already own or aim to own their own businesses.
€ Stock options
Stock options are rarely recognized for women, who are mostly represented by their husbands when it comes to stocks. The women's federal procurement program makes sure that women have rights when it comes to equality in their stock choices, as well as hand over their rightful percentage in a business's shares.
€ Further studies
Upcoming research and study is ongoing not only for small and minority owned businesses, but also for women-owned enterprises. These researches will further expand the knowledge for the women's federal procurement program and its clause. These studies focus on the better treatment of women's businesses. It also gears on the complete abolishment of discrimination when it comes to women and the businesses they own.
The procurement program is only a means to empowering women who own their own businesses, or own stock in certain businesses. This program will help see to it that the actual owners of a business are not judged by their gender. Business ownership eligibility will be judged based on the performance of the owner as opposed to their gender. The program also makes sure that qualifications for business owners work just as much to women as they do to men. The SBA gives business aid to any and all types of businesses handled by the minority. The association takes part in seeing to it that women have a say in the businesses they own, including stock options and proper representation. Much as the Women's Federal Procurement Program still needs a lot of work, this is a crucial and vital step to equality when it comes to business ownership.