This
guidance revises the definitions for small, women-owned, and minority-owned
businesses (SWAM) in order to clarify and facilitate the ability of agencies and
institutions to meet goals for increasing state procurement from SWAM
businesses.
For
the purposes of the SWAM Program, all certified (firms are certified by
the Virhinia Department of Minority Business Enterprise – www.dmbe.virginia.gov
) women-owned and minority-owned businesses are also small business enterprises.
Revised definitions follow:
Small
Business Enterprise:
"Small business enterprise" shall mean an independently owned
and operated business which, together with affiliates, has 250 or fewer
employees or average annual gross receipts of $10 million or less averaged over
the previous three years. Nothing in this provision prevents a program, agency,
institution or subdivision from complying with the qualification criteria of a
specific state program or a federal guideline to be in compliance with a federal
grant or program. For purposes of the SWAM Program, the definition of small
business enterprise shall be interpreted to include all certified women-owned
and minority-owned businesses.
Minority-Owned
Business Enterprise:
A business concern with is at least 51 percent owned by one or more
minorities or in the case of a corporation, partnership or limited liability
company or other entity, at least 51 percent of the equity ownership interest in
which is owned by one or more minorities and whose management and daily business
operations are controlled by one or more of such individuals. For purposes of
the SWAM Program, all certified minority-owned businesses are also a small
business enterprise.
Woman-Owned Business Enterprise: A business concern which is at least 51 percent owned by one or more women who are U.S. citizens or legal resident aliens, or in the case of a corporation, partnership or limited liability company or other entity, at least 51 percent of the equity ownership interest in which is owned by one or more women, and whose management and daily business operations are controlled by one or more of such individuals. For purposes of the SWAM Program, all certified women-owned businesses are also a small business enterprise.