The main benefit to socio-economic certification is qualifying for set-aside contracts.
Set-aside contracts are just that. These contracts are set-aside and awarded to specific socio-economically certified businesses. Millions of dollars are spent every year on certified small businesses. Contracts that are set-aside must be awarded to small businesses who have taken the time to certify their business.
Small business set-asides are a powerful tool for helping small businesses compete for and win federal contracts. When market research concludes that small businesses are available and able to perform the work or provide the products being procured by the government, those opportunities are “set-aside” exclusively for small business concerns. These programs can help small businesses expedite the process of receiving contracts if they understand how to participate in them.
Reasons why you should take advantage of your social economic status:
- Government agencies are mandated to reward a substantial number of contracts to certified businesses
- The federal government purchases approximately $400 billion in goods and services from the private sector every year
- Helps set your company apart in the marketplace, and adds credibility
- Take advantage of special government programs, including increased access to government contracting opportunities that can help grow your business
- Take advantage of millions of dollars’ worth of new business within your industry
- Most large contracts require the prime contractor to subcontract a large portion of the work to small businesses that qualify under certain social economic statuses
- Your organization will now be eligible for financial assistance in the form of low interest loans, grants, and other fiduciary benefits that only certification holders have access to
- Access to SBA Office of Business Development : Includes: Business Training, Counseling, and Financial Assistance
- Authorization to use specific certification logo’s on all business correspondences, emails, letterhead, and websites
For more information on certifications, CLICK HERE.