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Overture Premiums & Promotions is a certified woman-owned business
Overture Premiums & Promotions is proud to be one of an estimated 10.4 million privately-held women-owned firms in the United States. Women-owned companies is one of the largest growing domestic segments with a 42.3 percent growth rate from 1997 to 2006 which is nearly double the rate for all privately-held businesses in the US.
Overture's certification as a Women-Owned Business Enterprise (WBE) is granted by the Chicago-based Women's Business Development Center which provides local and regional certification processing on behalf of the Women's Business Enterprise National Council. The value of WBE certification benefits both a certified company and its clients. For Overture, the certification results in automatic vendor approval with more than 1,000 major U.S. corporations that have active supplier-diversity programs.
Overture's commitment to diversity, however, extends beyond our woman-owned ownership. As we help our clients to support their diversity purchasing initiatives, we in turn help to promote the growth of diversity in the business community at large. Our dedication to promote diversity is evident in our employee base, supplier base and client roster.
If you are a women-owned and/or minority supplier to the promotional product industry, please contact us to discuss potential mutual opportunities.
The following information provides details about the value of WBE certification and the certification process. If you are a women-owned business interested in the possibility of becoming certified, please contact us or one of the resources listed at the end of this section.
Women-Owned Business Statistics
There are two definitions for women-owned businesses: the first is that a woman-owner (or group of women) owns no less than 50 percent of the company; and the second is that a woman-owner (or group of women) owns and controls 51 percent or more. To qualify for the Women-Owned Business Enterprise certification (WBE), a company must be a majority-controlled firm in the 51 percent category.
According to a 2006 study on privately-held, women-owned business in the US conducted by the Center for Women's Business Research which analyzed data provided by the U.S Census Bureau:
- Approximately 10.4 million firms in the US are women-owned privately-held with 50% or more ownership/control.
- 7.7 million of these firms are majority owned by women (51% or more) which accounts for 30.4 percent of all privately-held US firms. They generate nearly $1.1 trillion in sales and employ more than 7.1 million individual nationwide.
- Two-thirds of these firms (69.0%) are in the service industry; 14.4% are in the retail trade; and 7.7% are in real estate, rental and leasing.
- Illinois ranks 5th in the nation for privately-held, majority women-owned firms. These 343,331 firms account for 31.6% of all privately-held firms in Illinois with sales of $51.2 billion.
The Chicago-metro area ranks 3rd in the nation's top 50 metro markets for privately-held, majority women-owned firms. These 255,664 companies earn $42 billion in sales and account for 31.8% of all privately-held firms in the Chicago-metro market.
Supplier-Diversity
WBE certification was developed as a tool to assist women-owned businesses in soliciting and acquiring opportunities from enterprises that have established supplier-diversity programs. Supplier diversity is defined as an organization that purchases its goods and/or services from a variety of businesses, including those owned by people of color, women and people with disabilities. Most supplier-diversity programs mandate minimum levels of purchasing requirements from these types of businesses.
The concept of supplier diversity began in much the same way as affirmative action, with federal government mandates. Today, it has evolved into a competitive advantage and civic-minded demonstration for progressive companies. It reflects corporate America's heightened awareness of demographic changes in the competitive marketplace.
The basic concept of supplier diversity is generally credited to three organizations - The Chicago Economic Development Company (CEDC), the Chicago Urban League, and the Western Electric Company - and was the result of the Chicago Business Opportunity Fair of 1968. The CEDC would become the Chicago Minority Business Development Council (CMBDC) which inspired the formation of the National Minority Supplier Diversity Council (NMSDC).
Women-Owned Businesses in America
In 2000, the Women's Equity in Contracting Act established a 5 percent federal contracting goal for women-owned businesses. The intent of the program is to encourage federal procurement officers to utilize women-owned businesses at a higher level of number and award greater dollar amounts.
But, attempts to increase the participation of women-owned businesses actually starts in the 1960s when preliminary tracking provided hard evidence that federal procurement contracts were not be awarded to women-owned enterprises. Legislation to correct this began with the creations of the Commission on the Status of Women as part of the Civil Rights Act. Executive orders were signed by three presidents - Kennedy, Johnson and Nixon - to increase women and minority participation. Women-owned businesses finally were added to the Economic Census in the 1970s and the Equal Credit Opportunity Act was passed, and the President's Interagency Task Force on Women's Business ownership was formed. Since the 1980s, numerous small business policy actions with a focus on women, including the White House Conference and the Women's Business Ownership Act (HR5050) (NWBC, 2004) have been developed.
WBE Certification Process
To ensure that the enterprises claiming to woman-owned were in fact owned by women, the Small Business Association (SBA) devised a formal certification - the Women-Owned Business Enterprise. WBE certification is the only means by which ownership and utilization of women-owned businesses is confirmed by both government and private purchasing entities. Currently, WBE certification is granted by several third-party organizations. Overture obtained its certification through the Women's Business Enterprise National Council( WBENC). The WBENC has certified more than 5,500 majority-owned, privately-held women-owned businesses since 1997.
WBE certification is a detailed and rigorous process. Three out of four companies fail to obtain certification even though they many qualify due to the processes stringent requirements.
What is involved in the certification process?
A business entity submits an application, along with the necessary supporting documentation and non-refundable processing fee. Once the applicant's file is complete (meaning all documentation pertinent to the business and legal structure has been received, see details below), a specially-trained Certification Committee reviews the submission.
An on-site visit is conducted, generally within 30-days. Following the site visit, the Committee makes a final recommendation regarding the applicant's eligibility. The company is notified whether or not it has received certification. Once certified, a WBE firm must apply for renewal annually and site visits are required every three years.
Documentation Required
The following documentation is required as part of the WBE certification process:
I. General Information
* Printed copy of WBENC Application
* History of Business
* Professional and business license(s) (If applicable)
* Resumes of owners, board of directors and key management team
* Copy of bank signature authorization card or corporate resolution
* Trust agreement(s), if applicable
* Franchise agreement(s), if applicable
* Current union agreement(s), if applicable
* Sworn affidavit-signed and notarized
II. Owner Eligibility
* Evidence of gender for woman (women) owner(s)
* Evidence of U.S. citizenship or Legal Resident Alien status
III. Financial Structuring
Financial statements, including: profit and loss statement, balance sheet for last complete year of operation or
length of time business has been in operation (for a new business that has been in operation for less than one
year, include the opening balance sheet)
Copies of the following documents that are both currently active as well as any initiated within the three
years prior to the application:
* Debt instruments (If applicable)
* Equipment rental and purchase agreements (If applicable)
* Real estate leases (If applicable)
* Three years income tax returns
IV. Management Information
Copies of the following documents that are both currently active as well as any initiated within the three years
prior to this application:
* Management/consulting agreements (If applicable)
* Service agreements (If applicable)
* Affiliate/subsidiary agreements (If applicable)
V. Personnel
Copies of the following documents that are both currently active as well as any initiated within the three years
prior to this application:
* List of all full-/part-time employees by name, position and length of service
* Itemized employee payroll for the month prior to submitting this application
* W-2s and/or 1099 forms from every officer, director or owner receiving compensation
from the company for the most recent year
VI. Legal Structure
For Sole Proprietor
Assumed Name Documents (If applicable)
For Partnership
Partnership Agreements
Limited Partnership Certificate
Buy-Out Rights Agreement (If applicable)
Profit Sharing Agreements (If applicable)
Proof of capital investment by all partners
For Corporation
Certificate of incorporation
Articles of incorporation
Minutes from shareholders' first organization meeting and from first board of directors' meeting
Minutes from the shareholders' board of directors' meeting establishing current ownership
Minutes from the most recent meeting of shareholders
Minutes from most recent meeting of board of directors
Corporation's bylaws (If applicable in your state)
Certificate from the Board Secretary certifying the names of all current members of the board of directors
Both sides of ALL stock certificates
Stock transfer ledger
Proof of stock purchase or equity investment for woman (women) owner(s)
Voting agreements and other equity interests including stock options, warrants, buy/sell agreements and right of first refusal (If applicable)
Schedule of advances made to corporation by shareholders for the preceding three years (If applicable)
For Limited Liability Company (LLC)
Articles of organization
Certificate of organization (for businesses in states that issue certificates)
LLC Regulations and/or Operating Agreement and/or Member Agreement (If applicable in your state)
Member List with Titles
Proof of Equity Investment for Woman (Women) Owner(s)
Schedule of Advances made to LLC by members for the preceding three years (If applicable)
Resource Links
For more information about women-owned businesses and Women-Owned Business Enterprise certification:
Center for Women's Business Research
www.cfwbr.org
MWBE Enterprises, Inc.
www.mwbe-enterprises.com
National Association of Women Business Owners
www.nawbo.org
National Women's Business Council
www.nwbc.gov
U.S. Small Business Association - Office of Women's Business Ownership Entrepreneurial Development
www.sba.gov
Women's Business Development Center
www.wbdc.org
Women's Business Enterprise National Council
www.wbenc.org
WomenBiz.gov Gateway for Women-Owned Businesses Selling to the Federal Government
www.womenbiz.gov
Women Impacting Public Policy
www.wipp.org
Women's Presidents Organization
www.womenpresidentsorg.com
National Minority Supplier Development Council, Inc.
www.nmsdc.org