SWaM certification is a Commonwealth of Virginia designation that means that a firm is certified as a small business and can participate in procurements that are state funded. Why does the VSBEP application ask for personal financial information? The VSBEP application asks for the personal financial information of the owners of the business in order to determine possible affiliations of the business, and to ensure owners do not exceed personal net worth limitations. Will my financial information be kept confidential? VDOT will not share personal or business financial information with anyone not involved in determining the eligibility for the program. VSBEP files are kept firm’s in a secure location. Is there a cost to participate in the VSBEP? There are no costs associated with becoming a program participant; however, if a contract is awarded there is a vendor transaction fee assessed when a vendor receives a contract. The specific fee is based on the and small business vendor’s registration status certification as recorded in eVA ,Virginia's online electronic procurement system. This web-based vendor registration and purchasing system allows state agencies, colleges, universities and many local governments to use eVA to conduct all purchasing and sourcing activities for goods and services. How is the VSBEP different from the DBE Program? The VSBEP is a unique program because it allows approved participants of the program to compete and bid on selected construction and consultant contracts as a prime contractor/consultant. Selected projects will not exceed $1 million in contract value. The VSBEP is a race-neutral program and will not have any goal requirements. How long will I be eligible to participate in the VSBEP? Approved firms are required to renew their VSBEP eligibility annually. The proper documentation must be submitted prior to the date of the last approval for firm’s program participation. In order to remain as an active program participant the firm must: Remain certified as a DBE or SWaM firm; Provide the personal financial statement; owner’s Provide the signed tax return forms for the most current year; and firm’s Complete the Affidavit of Continued Eligibility. If my firm is denied, when can I re-apply for the firm? A firm can re-apply one year from the date of the denial application.
SWaM certification is a Commonwealth of Virginia designation that means that a firm is certified as a small business and can participate in procurements that are state funded. Why does the VSBEP application ask for personal financial information? The VSBEP application asks for the personal financial information of the owners of the business in order to determine possible affiliations of the business, and to ensure owners do not exceed personal net worth limitations. Will my financial information be kept confidential? VDOT will not share personal or business financial information with anyone not involved in determining the firm’s eligibility for the program. VSBEP files are kept in a secure location. Is there a cost to participate in the VSBEP? There are no costs associated with becoming a program participant; however, if a contract is awarded there is a vendor transaction fee assessed when a vendor receives a contract. The specific fee is based on the vendor’s registration status and small business certification as recorded in eVA ,Virginia's online electronic procurement system. This web-based vendor registration and purchasing system allows state agencies, colleges, universities and many local governments to use eVA to conduct all purchasing and sourcing activities for goods and services. How is the VSBEP different from the DBE Program? The VSBEP is a unique program because it allows approved participants of the program to compete and bid on selected construction and consultant contracts as a prime contractor/consultant. Selected projects will not exceed $1 million in contract value. The VSBEP is a race-neutral program and will not have any goal requirements. How long will I be eligible to participate in the VSBEP? Approved firms are required to renew their VSBEP eligibility annually. The proper documentation must be submitted prior to the date of the firm’s last approval for program participation. In order to remain as an active program participant the firm must: Remain certified as a DBE or SWaM firm; Provide the owner’s personal financial statement; Provide the firm’s signed tax return forms for the most current year; and Complete the Affidavit of Continued Eligibility. If my firm is denied, when can I re-apply for the firm? A firm can re-apply one year from the date of the denial application.
VSBEP_FAQdocx.docx