Some try to fancy up this phrase... " Socioeconomic Disadvantage". It just means that you have a disadvantage in a social or economic way. The feds define a socioeconomic business as the following:
- Women Owned
- 8a (We'll talk about this later)
- Veteran Owned
- Service Disabled Veteran Owned
- Small Disadvantaged
- SBA Certified Small Business
The government sets aside a certain amount of funds to go to these types of businesses. They have to even up the playing field when it come to large corporations and small corporations. Can you imagine if this section was not carved out for the little guys? Neither can we.
Now if you fit into one of these categories, you don't just "automatically" qualify for this designation. You have to complete the paperwork process. If you read our prior article, you know what we mean by that. A good place to start is to visit the Small Business Administration's website. You can also go to the local office in the area in which you live. Be careful though, because they will swamp you with paper. ( For some reason, they like to pass out paper.We went to a workshop and literally walked away with four inches of paper, literally.)
Government sites can also be challenging to navigate, so stay focused on what you need and don't get sucked into what's on their site until you complete the socioeconomic qualification process.
Gaining one of these designations shrinks your pool of competition. It also enables you to pack a more powerful punch when you bid on any contracts that are set aside for you. Once you establish your creditably, you will gain a leg up on the competition.
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