The U.S. Small Business Administration (SBA) joins the rest of the nation in celebrating Women’s History Month. Our Cabinet-level agency is committed to supporting women through …
The U.S. Small Business Administration (SBA) joins the rest of the nation in celebrating Women’s History Month. Our Cabinet-level agency is committed to supporting women through entrepreneurship, not just because it is the right thing to do, but because we understand the vital role women play in strengthening our local and national economies.
Women are creating new jobs and opportunities across the country. According to the National Association of Women Business Owners, nearly 12 million businesses are owned by women, generating $1.7 trillion in sales, and employing over nine million people, representing one of the fastest-growing sectors of our economy.
Still, women continue to face challenges and obstacles when starting and growing a business. A recent study by the SBA’s Office of Advocacy showed women-owned firms are overrepresented in industries related to domestic services, which tend to have low growth potential. Access to capital remains a significant issue for all business owners from underrepresented populations, which includes women.
SBA engages women entrepreneurs through more than 100 Women’s Business Centers nationwide, which assist them in starting and growing small businesses. These centers provide a full range of services for entrepreneurs at all stages of planning, implementation, and growth.
For those interested in contracting with the federal government, the women-owned business certification helps equalize the procurement process for women business owners, as the government limits competition for certain contracts to businesses certified as women-owned. This initiative complements SBA’s 8(a) program to assist socially and economically disadvantaged business owners in accessing federal contracts. Additionally, the SBA recently kicked off its community navigators program to strengthen outreach to underserved businesses by partnering with organizations with deep roots in those communities.
At the SBA, our role is to support all entrepreneurs to start, scale up, and recover from today’s challenges. For more information on SBA’s programs and services, visit www.sba.gov.
John Fleming is the SBA Mid-Atlantic regional administrator.
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