Benefits of Being Certified as a Small Business
Benefits of Being Certified as a Small Business When it comes to being a small business owner, you take pride in your business. Owning a business is a great accomplishment that you can be proud of. Something else to be proud of is having that business certified as a small business. If you’re curious as to some of the benefits of certifying your small business, read further.
Benefits Being certified as a small business can bring many positive things your way. For one, your business can be eligible for a Small Business Participation Program, which means that your business will be part of the state’s goal of using small businesses in 25% of the annual contract monies. You can also receive up to a 5% bid preference on some solicitations from the state. The state can also contract with a certified small business for many things, such as projects, products, or services if the solicitation is equal to more than $5000. As a small business owner, you are working to bring more revenue into your community by providing a good or service.
How to Qualify If these benefits sound promising to you as a business owner, you first have to meet the following qualifications. You must own and operate your business completely on your own, have your hub located in the state in which you are applying, reside in the same state, have less than 100 employees, and average less than $15 million dollars in the past three consecutive tax years. There is also a category for microbusinesses, which means that your business meets all of the above criteria as well as grosses under $3.5 million dollars in one year and have less than 25 employees.
Make the choice today to become a certified small business and you will take your business to the next level!