WOSB Certification for Financial Services Companies

Why WOSB Certification Matters for Financial Services Companies

Federal certification for businesses at least 51% owned and controlled by women.

For financial services businesses, WOSB certification opens doors to corporate supplier diversity programs and federal contracting opportunities specifically targeting this sector. Many Fortune 500 companies and government agencies have dedicated spending goals for WOSB-certified suppliers in financial services.

Financial services is one of the most mature sectors for supplier diversity. Here's why certification matters: **Billion Dollar Commitments**: Major financial institutions are among the largest diverse supplier buyers in the world. JPMorgan Chase spends over $2 billion annually with diverse suppliers. Bank of America, Citi, and Wells Fargo each spend over $1 billion. These are not aspirational goals—they are tracked and reported commitments. **Regulatory Expectations**: The Dodd-Frank Act established Offices of Minority and Women Inclusion (OMWI) at major financial regulatory agencies, encouraging regulated financial institutions to assess diversity in their procurement. This regulatory backdrop reinforces bank commitment to diverse suppliers. **Broad Procurement Needs**: Banks and insurers buy everything—IT services, marketing, legal, facilities management, printing, office supplies, consulting, and more. You don't need to sell financial products to sell to financial services companies. **Community Reinvestment**: Financial institutions are evaluated under the Community Reinvestment Act (CRA) and other frameworks that incentivize community investment, including diverse supplier spend. **Insurance Industry**: The insurance sector has its own supplier diversity requirements and organizations, providing additional opportunities beyond banking. Financial services companies in the Billion Dollar Roundtable collectively represent some of the most well-resourced and committed diversity procurement programs in the corporate world.

WOSB Eligibility Requirements

51% owned by women citizens, women control management and daily operations, meets SBA size standards.

To qualify for WOSB certification: **Ownership Requirements:** - At least 51% unconditionally and directly owned by one or more women - Women owners must be U.S. citizens **Control Requirements:** - Women must control management and daily operations - Women must make long-term decisions - Women must hold highest officer position **Size Requirements:** - Must be a small business under SBA size standards for your NAICS code

How to Apply for WOSB as a Financial Services Business

1. **Step 1: Register in SAM.gov**
2. Complete SAM.gov registration (required for all federal contracting).
3. **Step 2: Create SBA Profile**
4. Set up your profile at certify.sba.gov.
5. **Step 3: Complete WOSB Application**
6. Provide business and ownership information.
7. **Step 4: Upload Documents**
8. Submit required documentation.
9. **Step 5: Certification Decision**
10. SBA reviews and issues decision within 90 days.

Government Financial Services Opportunities

**Federal Opportunities** Key agencies in the financial services ecosystem: - **Department of the Treasury**: Financial management, IT services, economic policy support - **Federal Deposit Insurance Corporation (FDIC)**: Banking regulation support services - **Securities and Exchange Commission (SEC)**: Regulatory technology and services - **Consumer Financial Protection Bureau (CFPB)**: Consumer protection technology and research **Government Financial Services Contracts** - Financial management and accounting services - IT modernization for financial regulatory agencies - Economic research and analysis - Compliance and regulatory technology solutions - Training and education services for financial literacy programs **Compliance Technology** Federal regulators need technology solutions for: - Anti-money laundering (AML) systems - Know Your Customer (KYC) platforms - Regulatory reporting tools - Cybersecurity solutions for financial infrastructure - Data analytics for market surveillance **State and Local** State treasury departments, pension funds, and insurance commissioners all procure goods and services, often with diverse supplier preferences for investment managers, custodians, legal counsel, and professional services.

Other Certifications for Financial Services Companies

WOSB Certification for Other Industries