You may have heard of the term "SWaM certification" in Virginia and wondered what SWaM certification is and who is eligible for such certification. SWaM stands for Small, Women-owned, and Minority-owned Business and is a Virginia state government program. The program is intended and designed to give state contract business advantages and opportunities to businesses that meet the criteria of being either small, woman-owned, or minority-owned. To get such opportunities you first need to be certified by the Virginia Department of Minority Business Enterprise. This involves filing an application, which can be done online, and submitting supporting documentation to prove that your business qualifies.
So who is eligible for this certification? To be considered a "small" business, your business must be independently owned and operated and have 250 or fewer employees or average annual gross revenue of $10 million or less averaged over the previous three years. To be considered "women-owned" at least 51% of the total ownership interest of your company must be owned by women and a woman (or women) must be the chief executive officer or otherwise hold the highest management position in your business. To be considered a "minority-owned" business, at least 51% of the ownership and control of your company must be by people of the following ethnicity: Asian American, African American, Hispanic American, Eskimo and/or Aleut, or Native American.
Obtaining SWaM certification does not cost anything but you need to be sure that your paperwork is in order, especially the documents that establish how your corporation or LLC are owned and managed.Spread the Word