31st October 2020
Business

What is the difference between WOSB and WBE?

As a female, ambitious and hardworking business woman, you sometimes need to come across some obstacles in order to achieve all of your goals. Unfortunately misogynism and discrimmination still exists and the image of a woman working doesn’t please everyone. However, we have come a long way and there has been drastic changes with the whole perception of women working. Women can own small businesses and the capital needed can be funded by the federal government, investors or even raised by a community.

A WOSB certificate is also important to have and it is required if you want to expand your opportunities. But as you do research, you soon come to realise that there are many different certificates out there and the WOSB may be the least of your worries. So here is the question: What is the difference between WOSB and WBE?

That’s where we come in and break it down for you. Have a read through the following information underneath, in order to get a better understanding.

What does WBE mean?

WBE stands for Women’s Business Enterprise. It is a certification that allows your business to be searchable on a government issued database. It basically allows your business to be certified on a federal, state or local council level. In order to apply, you must gather all the related documents needed and then upload it electronically online. You must double check your financial and legal documents, to see if you fit the requirements when applying and you need to read the procedures and standard agreement for the WBENC.

In order to be applicable for the WBE certificate, your business needs to have 51% ownership by a female and the female must be a U.S citizen. When applying, the documents can vary depending on which field of business you are applying for. You can always seek out additional information or get help from a third party organisation.

What does WOSB mean?

WOSB stands for Women Of Small Business. It is a certificate that can open many doors for you as a female entrepeneaur. It is run by the Small Business Association (SBA) and it is one of the many recognised national programs that can increase the chance of gaining a grant from the federal government. It also gives the opportunity for women who run small businesses to be classified.

In order to be eligible for a WOSB certficiate, you must also have 51% ownership of the business you wish to apply for and be a female U.S citizen. Not only that, but the woman that is in charge must work on a full time basis, as well as handle and manage everything in the company.

There are two ways of applying for a WOSB certificate and you can check out more information on the WOSB guide. The two ways are that you can either apply through the WBENC or you apply through the online portal on SBA. Whichever option you choose, you still have to wait anywhere between 15 – 90 days for a decision of approval.

How can they both benefit me?

If you wish to have credibility as a business, the WOSB and WBE can help you put your brand on the map. It can open many opportunities for you and your business as a female entrepreneur; such as providing you access to educational programs, providing you connections that can help your business in the long term, providing you mentors that can lead you the right path and the availability of more money for your business, by getting a federal government grant.

There is a minor difference between the WOSB and WBE, because they are both needed and compliment each other as certificates in order to open more doors for you. It is beneficial for you to apply for both, in order to bring validation to your company, which results in a bigger success.

When it comes to certification fees, the prices vary depending on which certificate you apply for. The WOSB and WBE certificates aren’t the only ones out there; for there are plenty more that applies to different requirements. However, if you are looking to apply for a certificate, you are looking at prices anywhere between $350 to $1,250 depending on the size of the business and the revenue. You have to also consider the fact that if you are already a member of any of the organisations that you apply with, the price is nothing.

 

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