SBA Resources for Women Business Owners

SBA Administrator Isabella Casillas Guzman recently outlined her agency’s resources for women small business owners to survive and thrive amid the COVID-19 pandemic, including SBA's Women’s Business Center network of 136 centers located across the country.

The number of women entrepreneurs grows to unprecedented levels and shows no sign of stopping, as the younger generations eschew their reliance on corporations for lifelong employment and as immigrants, who are risk-takers by nature, start their own businesses.

SBA’s efforts are aimed at bridging the lending gap between male-owned and women-owned firms.

Women Entrepreneurs Elevate Their Businesses With Access to SBA's New Platform

SBA recently launched Ascent, a brand new free e-learning platform that provides help with issues ranging from hazard pay to how to create a profit and loss statement. 

The agency partnered with the White House, the U.S. Department of Labor's Women's Bureau, and the U.S. Department of the Treasury to develop the new tool.

When you get to a million dollars in annual revenue, pay a visit to the Women Presidents' Organization.  And when you need help going global, try out Women Entrepreneurs Grow Global®.  All these great organizations are here to serve your growth needs.

Learn more about Ascent.

Blog Post of Interest: SBA Honors the Fallen

As with SBA, we hope on this Memorial Day that you take the time to remember those who have died in service to the United States.

We honor the fallen and remember them and their sacrifice with reverence and deep respect and hope that it translates into what we do for all veterans today.

Learn more here.

Illustration credit:  Memorial Day (SBA)

News of Interest: Ladies, Get the Edge in Fed Contracts

Listen up WPO members! You will soon have a better chance of getting federal contracts for everything from consulting and supplies to construction and food services, thanks to new rules that give female-owned businesses an edge in the bidding process.

The Small Business Administration announced last week that it had finalized rules for its Women’s Procurement Program. This program gives female business owners access to an estimated $25 billion, 5 percent of the federal procurement budget. In some cases, it will give such businesses a slight advantage in bidding for federal contracts.

Women Impacting Public Policy is a nonpartisan group that helped bring about the changes. It has taken more than a decade to implement the program since Congress approved it in 2000, and the federal government hasn’t met its own goals for contracting with female-owned firms.

Read more here.  While you are at it, check out this piece which covers some good government contract advice (healthy dose of reality).

And please let us know when you land your first contract.  We want to report out to the Feds that this is working!

News of Interest: Measures To Unlock Credit For Small Businesses

Are you feeling the credit crunch? Most certainly you are yet it's the small business owners, like us, who are the real drivers of economic recovery and job creation. The latest evidence announced by the White House indicates that there will be a series of measures to help address the credit crunch facing many small firms.

The White House and Small Business Administration (SBA) hope to address these problems with three new policy directions.

Learn about them here.

We plan to discuss these measures at an upcoming WPO Chicago chapter meeting April 21 with the help of two experts: a bank and tax executive. Our goal is to learn everything we can about how to access funds for our businesses when they become available and at the same time, minimize taxes.

Sound Advice: 1,000 Tips To A Brighter Future

Chad Moutray, Chief Economist & Director of Economic Research at the U.S. Small Business Administration, Office of Advocacy poses the following question through Linked In:

What measures should small businesses take to weather this economic downturn?

The responses -- more than 1,000! -- are worth reading here.

News of Interest: New Rule Hurts Not Helps Women-Owned Businesses

The Women Presidents' Organization headquarter office in New York has responded against the enactment of the new proposed rule from the Small Business Administration that limits contracting opportunities for women-owned small businesses. Though there are 7.7 million businesses that are 51% owned and controlled by women (approximately one-third of all privately-held companies), only a mere 3.4% of federal procurement contracts are awarded to women- owned businesses.

The new rule is a flawed amendment to Public Law 106-554. Public Law 106-544 was passed in 2000 to give federal contracting officers the ability to restrict competition for up to 5% of all prime contracts to women-owned businesses whose industries are under- represented. The amendment is flawed because it only identifies four industries in which women-owned businesses are under-represented in contracting: cabinetmaking, engraving, other motor vehicle dealers, and national security and international affairs.

Read more here.