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Women owned business tax benefits refer to the tax benefits a female entrepreneur can receive when operating a small business.8 min read

1. Women Owned Business Tax Benefits
2. A Brief Look at the Basics of Federal Contractor Status and State and Local Certification
3. What to do if You are Having Trouble with the WME Certificate

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4. Manipulating the WME Certificate is a Bad Idea
5. Loans for Woman-Owned Businesses
6. Finding an Angel Investor
7. More on Minority-Owned Businesses
8. Tax Incentives for Businesses
9. State Tax Incentives
10. How to Know if your Business Qualifies as a Certified Minority-Owned Business
11. How to Know if Your Business Qualifies as a Minority-Owned Business under SBA 8(a)
12. The Benefits of Certification for Minority-Owned Business
13. Additional Government Resources for Women-Owned Businesses

Women Owned Business Tax Benefits

Women owned business tax benefits refer to the tax benefits a female entrepreneur can receive when operating a small business. If you are a female business owner who wants to be a part of programs that keep track of business conducted by women, you will need to obtain a WBE certification. Many government agencies on the local, state, and federal levels have programs for female business owners. To participate in any of these programs, at least 51 percent of the company’s ownership and management must be female. A woman business owner must provide evidence of capital contribution and how it correlates with her ownership of the business. Lastly, the woman business owners must prove she has an area of expertise that does not rely on resources or funding from other non-women-owned companies.

A Brief Look at the Basics of Federal Contractor Status and State and Local Certification

On the federal level, a WBE certification is not required from procurement. In place of that, a woman business owner must have self-certification in the Central Contractor Registration. On the state and local level, many assistance programs offer either WBE certification or direct certification. Current regulations are set up, so that federal agencies contact small businesses owned by women to confirm that they understand the various contract opportunities and how to apply for them.

What to do if You are Having Trouble with the WME Certificate

Any woman business owner who has reason to believe that she is at a disadvantage while operating her business can apply for certification that assists businesses that are considered socially or economically disadvantaged. This certificate is offered under the SBA 8(a) program. If you would like more information about this program, you can visit your local small business administrative office for assistance on obtaining the certificate.

Manipulating the WME Certificate is a Bad Idea

Manipulating benefits is not only unethical, it could land you in some hot water. For example, it is a bad idea for a man who owns a business to make either his wife or another woman 51 percent owner of stock to try to take advantage of 8(a) benefits. It won’t take long for the SBA auditor to pinpoint which filings are legitimate and which ones are suspicious. This 51 percent owner technique has been tried before, and the auditor will see it as a big red flag. Additionally, in the event that the auditor visits your business headquarters and notices there are more male staff members than female staff members, you won’t qualify for the WME certificate. To obtain the WME certificate, you need to be able to prove that your business is operated by a woman and that a woman is responsible for making both large and small decisions for the business.

Loans for Woman-Owned Businesses

You can use the Prequalification Pilot Loan Program to help you create a loan application and have greater success obtaining a loan. An example of an intermediaries who could help you with the loan application process include the Small Business Development Company and the Women’s Business Development Center.

For women owned businesses, The Prequalification Pilot Loan Program uses intermediaries to assist prospective borrowers in developing loan applications and securing loans. Once a loan package has been created, you will submit it to the SBA and receive an answer in approximately three business days. Your loan request is approved if you receive a letter of prequalification from the SBA. In the letter, it will state the SBA’s decision to provide you with a loan. $250,000 is the maximum loan you could receive from the SBA with a guarantee of 85 percent up to $150,000 or 75 percent for loans that are over $150,000. When you work with an intermediary, they will help you find more competitive lenders to secure a loan.

In addition to loans, other programs a woman owned business could qualify for include grants or contracts on the federal, state, county or city level as well as funding from private sources. Any woman owned business entity that meets standards set forth by the DBE could qualify for the DBE certificate.

Finding an Angel Investor

Although there are many benefits to having the DBE certificate, it is of little value to you if you don’t use their products or services. If you are a business-to-consumer business (a B2C) and you sell products or services to customers, you most likely would not benefit from the DBE certificate. Typically, it is business-to-business (B2B) businesses that benefit from the DBE certificate. Obtaining a DBE certification is only beneficial if you are forming your company as a minority or woman-owned business with plans to use government contracting opportunities. If you want to learn more about potential benefits of this certification, you should review certification programs provided by the Federal Small Business Administration.

More on Minority-Owned Businesses

A “minority” is the definition set forth by federal statutes that describes women, Hispanics, Asian-Americans, American Indians, Alaskan Natives, and African-American. A minority-owned business is any operation in which minorities manage at least 51 percent of the business. According to the MBDA, an estimated 5.8 million businesses were minority-owned in 2006. That is a 46 percent increase from the number of minority-owned businesses that existed in 2002.

Tax Incentives for Businesses

If a business purchases their materials and supplies from a minority-owned business, there are tax breaks granted by the federal government. Tax liabilities are also reduced for any company that use services or labor provided by minorities.

One of the first official federal tax incentives provided for businesses that used the services and products of minority and women-owned businesses was created in the 1970s. However, the Small Business Act of 1953 encouraged use of women and minority-owned business in federal contract opportunities. In 2010, the MBDA reported a substantial difference in funding for non-minority and minority businesses. How much tax break a company gets for using minority-owned services or products depends on the type of program being used. A business must meet certain requirements in S.560.036(2) to be certified by the Department of Commerce as a “minority business enterprise”. A business can qualify for certain tax benefits depending on the certified firms they are using. This certification also creates special employment consideration for certain minority and woman-owned businesses.

State Tax Incentives

Many states provide registered women owned businesses with special training and networking opportunities. In states such as California and Georgia, women owned businesses are encouraged to take part in municipal purchasing programs.

If a subcontractor or contractor uses the services or products of a minority or woman owned business, there are special state income tax credits granted, according to The Official Code of Georgia Annotated. Section 48.7.38 encourages the use of minority and female owned businesses by offering state income tax credits for subcontractors and contractors using minority businesses. Those state income tax credits are different for every minority and women owned business program.

How to Know if your Business Qualifies as a Certified Minority-Owned Business

If you are interested in pursuing minority business certification, you should call the National Minority Supplier Development Council. This entity provides business opportunities for any minority or women owned businesses and helps them advance in their professional goals. Again, any business that is 51 percent minority or women owned and established as such though various interviews, site visits, and screenings could qualify for a minority-owned business certificate. Other requirements include being a United States for-profit business with a physical location in the country or in one of its trusted territories.

Receiving the official certificate could take up to three months. Throughout the application process, you should expect to provide various forms of documents related to your business in order to secure certification. After the NMSDC has granted you certification as a minority owned business, you will be able to access the various program benefits. These benefits are designed to help you move your business forward. You will be able to use both government and private contracts. These contracts are found in the NMSDC supplier database. There are also leads and alerts put out by regional agencies that allow you to gain corporate members’ procurement opportunities.

How to Know if Your Business Qualifies as a Minority-Owned Business under SBA 8(a)

The United States government’s Small Business Association offers programs and other resources that are designed to help minority and women owners build their companies. Some examples of the programs offered by the SBA are:

• Technical advice
• Management guidance
• Training workshops
• Private counseling

If you secure certification from the SBA 8(a) Business Development, you can use your certificate to access various government contracting opportunities. You can become certified under SBA 8(a) guidelines for free. So long as you meet the eligibility requirements set forth by the Business Development program, you can certify your woman-owned business. Even at an individual level, you may be able to qualify for this business program if you are considered socially or economically disadvantaged.

Social disadvantage is determined before economic disadvantages are reviewed. An individual who is considered economically disadvantaged is a “socially disadvantaged individual whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities.” To be considered economically disadvantaged, you need to send specific information to the SBA before securing an economically disadvantaged designation. An example of information you would need to provide is the narrative statement of economic disadvantage. This document is required to act as proof of an economically disadvantaged designation. Another requirement is to be able to provide pertinent information regarding personal finances. You will need to fill out certain SPA forms and provide your personal tax returns to acquire an economically disadvantaged designation. If you are married, you must also include your spouse’s financial information.

The Benefits of Certification for Minority-Owned Business

Although the process to become certified as a woman or minority-owned business through programs like the SBA’s 8(a) or NMSDC is not exactly a simple or easy one, the benefits of certification are well worth the effort. Many legal entities from private businesses to federal agencies actually prefer doing business with women and minority owned businesses in many cases. When you obtain minority-owned certification, you will be able to access new opportunities you might not have been able to participate in before.

In many cases, federal government agencies are actually required to provide a sizable number of contracting opportunities to woman or minority-owned businesses that are properly certified. The United States Department of Transportation, for example, mandates that a minimum of 10 percent of money for specific contracts on various projects must go to minority or women-owned businesses. If a certain entity is the recipient of Department of Transportation funding, they have to use DBE programs (Disadvantaged Business Enterprise) for compliance purposes. But government entities aren’t the only ones that award work projects to minority and women owned businesses. Some corporations like Microsoft, Marriot, and IBM work with NMSDC members do so as well.

Additional Government Resources for Women-Owned Businesses

For more government resources that will help women owned businesses reach their fullest potential, visit business.usa.gov. On the website, you will find a questionnaire to fill out. This questionnaire serves the purpose of helping you discover government contracting. Once you have completed the questionnaire, you will be taken to a page that supplies you with a list of federal government programs you may be able to qualify for.

On the USA.gov website, you’ll also find a resource list for any businesses considered to be socially or economically disadvantaged. There are national, state, and local listing to choose from. For programs in your area, you can search the USA.gov website by plugging in your ZIP code.

You can also check out the Minority Business Development Agency, another government site that has a wealth of resources for women owned businesses. On this site, you can read plenty of advice pieces that will show you how to find and secure contracting opportunities. There are also many educational resources to take advantage of and success stories to read. The SBA also offers some resources on the Women Owned Small Business Federal Contracting Program.

Need additional information related to woman-owned business tax benefits and other business tax information? Don’t hesitate to post your legal need on UpCounsel’s marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

The number of women-owned businesses is skyrocketing, and that number is expected to continue to grow. According to the 2019 State of Women-Owned Businesses Report, in the period from 2014 to 2019, the number of women-owned businesses increased by 21% for a grand total of nearly 13 million women-owned businesses, with revenue also rising 21% and totaling $1.9 trillion. Perhaps even more significantly, that same source found that the annual growth rate in the number of women-owned firms was double that of all other businesses.

Like any startup, women-owned businesses need capital. You can go through traditional bank loans or other types of lending, but you also have another option: grants.

Why Are Grants Important?

The reality is that even the most innovative and well-thought-out business ideas won’t come to fruition without adequate financial backing. Lack of capital can tank a start-up or prevent a sophomore business from taking off and expanding. Unfortunately, data indicates that women entrepreneurs may have difficulty qualifying for traditional small business loans, and when they do, the funding may be less generous than that received by others: according to Biz2Credit’s 2019 Women-Owned Business Study, the average amount of funding provided to women entrepreneurs is 31% less than what their non-women-owned business counterparts receive.

This is where grants come in. Instead of a traditional loan, which you have to pay back with interest, grants are more like gifts. If you qualify, you get the money and you don’t have to pay it back. Grant funding can be a great opportunity for women who have challenges qualifying for traditional funding and equal opportunities to compete in the entrepreneurial playing field.

How Grants Work

Grants are obviously preferable to loans since they’re basically free money. Of course, it’s not as simple as asking and receiving. The application process can be long and intensive and often involves a significant waiting period. You’ll also have to meet specific requirements to qualify.

Grants exist in many forms, from federal grants to state grants to grants funded by private organizations, non-profits, or charitable foundations. The grantor (the entity dispersing the grant funds) will determine the qualifications and stipulations of the grantee (the person or organization receiving the money).

Many experts that advise women-owned businesses should start researching grants at the state level. The requirements for state grants may not be as stringent, and more options may exist than with federal funding. Each state will have a state website with a business section detailing available grants for women and minority businesses. Many states also have grant programs for women-owned businesses in traditionally male fields, like construction. So, start with your state’s website and check out what options are available.

Grants for Women-Owned Businesses

As we mentioned, there are lots of grants available at every level of government and in the private sector. In addition to checking out those options, make sure to take a look at these 5 grants. They’re some of the best available and if you qualify, they can make a huge difference in your business.

1.2020 FedEx Small Business Grant

FedEx awards grants of amounts of up to $50,000 to several winners of their annual contest. There are gold, silver, and bronze winners – who also receive various FedEx business products to supplement their prize winnings. Entry for the grant money requires a business plan, business description, and photos and video (optional) of your intended business goals.

To read about the 2019 Fed Ex Small Business Grant winners, visit here.

2.The Amber Grant Foundation

The Amber Grant Foundation started in 1998 to honor a young woman who died before she could make her mark on business. Today, the Amber Grant Foundation offers a $10,000 grant to one women-owned business each month. At the end of the year, one of the monthly grant awardees will receive a larger grant amount (to the tune of $25,000!) to fund her business.

The board selects the winners of the grant and reward those who demonstrate both strong entrepreneurial ideas and passion for their business ideas.

To read the profiles and vote on past recipients, visit here.

3. National Association for the Self-Employed Growth Grants

The National Association for the Self-Employed (NASE) is a nonprofit organization focused on providing tools and resources to entrepreneurs looking for assistance with running businesses successfully. In addition to a wide variety of members-only resources, NASE offers business development grants, called Growth Grants, of up to $4,000. These grants can be used for “marketing, advertising, hiring employees, expanding facilities and other specific business needs.”

In order to apply for a NASE growth grant, you must be a member in good standing, demonstrate that the grant could fulfill a business need, provide a detailed explanation of how you would use the grant funding and how it would increase your business success, and submit supporting documents (e.g., a business plan). To learn more about recent NASE grant recipients, visit here.

4. Grants.gov

Grants.gov is the best resource available to locate government grants. The grants available through this webpage span a variety of different agencies and offer numerous opportunities. However. small business grants may be more challenging to come by through the government. Still, it is worth browsing through the available offerings in order to determine if you might qualify (and to be sure you understand the guidelines and requirements of each).

5. Small Business Development Centers (SBDC)

It can be a little overwhelming to search through all the potential grants available to you, so the SBA has set up Small Business Development Centers (SBDC) all over the country to help you figure out what grants are available. While the SBDCs don’t actually offer grants, they do offer meetings with local advisors that have comprehensive knowledge of the grants in your area and nationally.

For more info and contact information of your local SDBC, visit this resource.

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The Bottom Line

Loans are a classic way to fund your business, but why seek a loan when you can get a grant that you don’t have to repay? In addition, many women-owned businesses find that it’s harder for them to get traditional funding than for their male counterparts. So before you commit to a loan, consider checking out the grants available to you!

Thank you to the Coca-Cola Foundation for supporting Accion in expanding economic opportunity for women business owners.