Take Advantage of Every Funding Opportunity, Including SBA Loans

Although female entrepreneurs and women-owned businesses have been on the rise in the country, the disparities — especially for minority women — within the American workforce are still stark compared to male and male and female-owned businesses. Here are some statistics on women-owned businesses: 

• 22 percent of employer firms were owned by women.
• 48 percent of nonemployer firms — meaning the business had no employees — are owned by women.
• Women-owned businesses are more likely to rely on funds from personal sources, such as family and friends and savings.
• 32 percent of women-owned businesses were zero to two years old versus 16 percent of male-owned businesses. 
• Women-owned businesses make up 42 percent of all businesses in the U.S.
• Globally, women account for roughly one in three of all high-growth entrepreneurs.

In 2022, 63 percent of women entrepreneurs surveyed said they expect revenue to increase in the upcoming year and 47 percent plan to expand their business. 

Learn more about how the SBA helps women overcome financial barriers and fulfill their dreams, making it a good place to begin your search for funding.

The Journey for Women Entrepreneurs Is Challenging

The journey for women entrepreneurs is challenging and requires strength, grit and perseverance.  If it were easy, all women would be starting businesses.  The SBA knows this and wants to put the wind behind the sails of all women who aspire to take an idea and launch a business.  They work at leveling the playing field for women.

SBA says that knowing the right people can make a world of a difference.

We want to do everything we can to connect women entrepreneurs with the right people so they can spend less time trying to get a seat at the table and more time growing their business.

Learn more about the journey for women entrepreneurs.

Photo courtesy:  Andrew Nael on Unsplash

Meet the Microloan Modernization Act

United States Senator, Kirsten Gillibrand, announced the Microloan Modernization Act, a new bill to help minorities and women start small businesses and succeed.

She says the bill will help provide loans and technical assistance to women and minority business owners who face problems getting loans from banks to start or improve their small businesses.

More good news. Gillibrand says the Small Business Administration will set more money aside as an extension of their Microloan Program.

Read more about the new bill to help small businesses start businesses.

When Small Business Owners Dream, Everyone Wins

Recently, the United States Small Business Administration honored Monica Starks, president and C. Denise Griffith, CEO, of Detroit-based GS Group, LLC with the SBA Michigan Women Owned Small Business of the Year award as part of the SBA’s National Small Business Week.

Here's what the Small Business Administration said:

“When small business owners follow their dreams, everyone benefits. They create jobs and drive our economy, and as the world transforms, small business owners are our problem solvers. Faced with social, technological and economic changes, they see opportunities to build."

Learn more ...

New Rule Levels Playing Field for Woman-Owned Small Businesses

The U.S. Small Business Administration (SBA) issued on 9/11/15 a final rule authorizing federal agencies to award sole-source contracts to women-owned small businesses eligible for the Woman-Owned Small Business (WOSB) Federal Contract Program. Effective October 14, 2015, the rule levels the playing field for women-owned small businesses across the federal contracting marketplace.

SBA will use this new tool to continue to open doors for women entrepreneurs in the federal and commercial contract space. SBA's efforts include actively promoting women-owned businesses through programs such as ChallengeHER, the Women's Business Centers and InnovateHER, as well as implementing recent changes to its lending program that have made smaller dollar loans more accessible to women, and creating the online portal, LINC, to ease the process of finding capital to grow or start small businesses.

Read more: SBA:  New Authority Will Bolster Women-Owned Small Businesses

SBA Encourages Women to Win Federal Contracts

The Small Business Administration said it is implementing a law that gives women more opportunities to win federal contracts.  U.S. Sen. Jeanne Shaheen (pictured) says she is glad the agency has moved quickly to implement her legislation aimed at encouraging women-owned small businesses.

Shaheen says removing barriers to federal contracts will encourage more women to start their own small businesses, generating economic growth in New Hampshire and across the country.

Learn more.

Screenshot courtesy:  Jeanne Shaheen - United States Senator for New Hampshire

Stay On Top Of Your Game Gals

Please Join Me: How To Grow Your Business In Today's Market

Dear Colleague and fellow Women in Business,

I’d like to invite you to attend the upcoming “21st Century Marketing:  How to Grow Your Business in Today’s Market” Conference, targeting Women in Business, to be held at the Anaheim Marriott March 23, 2012.

You can access the Conference agenda (and registration) via the website link below.  I look forward to speaking at the Conference and hope to see you there!

My best,
Laurel

Go here to get more information and to register:
http://www.wboconference.com/

Life's Short: Start a Business

Open For Business Despite Awful Economy

What's it going to take to bring our economy back to full health? Hold up a mirror. Yes, it will be folks like us: entrepreneurs and small businesses. We are the lifeblood to innovation and getting things done.

But with the support of the Small Business Administration (SBA), things can only improve. Read more here.

Additional resources:

Women Entrepreneurs || SCORE

More inspiration here.

Boomers Beat the Odds With More Startups

Did you know Americans aged 55-64 start small businesses at a higher rate than any other age group?

Well now there's help: Small Business Administration 50+ Entrepreneur

Underrepresentation of Women Entrepreneurs in the Government Marketplace

Women senators are watching out for us but good along with WIPP President Barbara Kasoff so let's put our hands together and applaud them for their efforts, on behalf of all women entrepreneurs, to get the money we so richly deserve under the SBA's women's procurement program rule.

The letter also says that, despite comprising a third of the nation's small businesses, women entrepreneurs only received 3.4 percent of federal contracting dollars in 2006. It continues by stating Congress established the women's procurement program in 2000 to help address the underrepresentation of women entrepreneurs in the government marketplace. "Now, over seven years later, the SBA produced a fundamentally flawed proposed rule in its insufficient attempt to implement the women's program," says Barbara Kasoff, President, WIPP.

They keep working it and we should too. Don't settle for less -- ever.

Among the women senators who support women-owned businesses, they are:

Sens. Kay Bailey Hutchison (R-Texas), Barbara Boxer (D-Calif.), Maria Cantwell (D- Wash.), Hillary Clinton (D-N.Y.), Susan Collins (R-Maine, Elizabeth Dole (R- N.C.), Diane Feinstein (D-Calif.), Amy Klobuchar (D-Minn.), Blanch Lincoln (D- Ark.), Claire McCaskill (D-Mo.), Barbara Mikulski (D-Md.), Patty Murray (D- Wash.) and Debbie Stabenow (R-Mich.).

To view the full letter, go to (PDF file):

http://landrieu.senate.gov/news/08.09.22_Women_Senators_SBA_Letter.pdf

Like the shirt? Buy it here (we have no affiliation).

Putting the Squeeze on Women Business Owners

No new federal women's business centers will open in the 2009 fiscal year, which starts Oct. 1, because of funding constraints, according to the Small Business Administration official who oversees the grant program.

The $13-million program also has capped the size of the grants it will award to the oldest centers for fiscal 2009.

What's next? For now, read what they have to say about the whole new deal. All I can say is "Show me the money!"

Set-Asides on Women's Contracts Criticized

Still more brewing on this hot topic. Weigh in with your comments or feelings about it. Will it impact how you run your business in 2008? If so, how? Don't you think as business owners we deserve better?

New Year, Less Dollars For Some Women Owners

SBA effort for women owners stirs outrage among backers of a long-delayed program that would funnel more federal contracts to small companies owned by women.

Seven years ago, Congress ordered the SBA to draft guidelines so federal agencies could meet the goal of awarding 5% of federal small-business contracts to female owners -- a goal set by law in 1994. Last week, the SBA proposed a rule to implement the program and was criticized by those who said the guideline would be too restrictive.

The new rule would cover just four industries in which the SBA says women-owned small firms don't get their fair share of federal contract dollars: national security and international affairs; coating, engraving, heat treating and allied activities; furniture and kitchen cabinet manufacturing; and motor vehicle dealers.

Read more about it here.

Some quick facts:

There are 7.7 million women-controlled firms, which are those in which a female owns 51% or more of a company, according to the Center for Women's Business Research. That's about one-third of all U.S. firms. Yet their sizes and sales tend to be lower than average. Women-owned firms account for only about 4% of total company revenue, according to the women's chamber.

Women-owned small firms capture about 3.4% of federal small-business contracting dollars.

And now it may be even less.

Let the Grant Process Begin

The Small Business Administration plans to approve grants for older Women's Business Centers by mid-January, finally implementing a program signed into law four months ago.

In all, there are 98 Women's Business Centers across the country. Last year they provided training and counseling to nearly 130,000 small business owners and aspiring entrepreneurs.

A worthy cause that should never be an issue or in question.

More here.