Did you know that just thirty years ago, women needed a male cosigner to get a loan? Although women business owners still face some challenges, significant progress has been made in the fight for equal rights and opportunities. The U.S. Small Business Administration (SBA) has been instrumental in supporting women entrepreneurs, helping women-owned businesses grow at twice the rate of all businesses nationwide.
According to SBA data, there are 9.9 million women-owned small businesses in the United States. In key areas such as business starts, revenue growth, job creation, and years in business, women entrepreneurs have matched or even surpassed men-owned businesses. A 2019 report shows that women own the majority in 21% of employer businesses, employing 9.4 million workers and generating $1.5 trillion in annual receipts.
This year has been particularly tough for small businesses, especially women-owned ones. The SBA, supported by the White House and the Treasury Department, introduced the Paycheck Protection Program (PPP) to help stabilize these businesses and set them on the path to recovery.
This August, as we celebrate the Women’s Suffrage Centennial, Women’s Equality Day falls on the anniversary of the 19th Amendment, which gave women the right to vote a century ago. In honor of this milestone in the journey toward equality, the SBA is highlighting women business owners who have prospered with SBA mentorship and financial resources:
– **Superstition Meadery, LLC (Prescott, AZ):** Jennifer Herbert and her husband Jeff started their meadery in 2012. With SBA financial assistance and counseling, they grew their business to 20 employees and expanded into international markets. They were named SBA National Small Business Persons of the Year in 2019. The PPP loan helped them cover payroll and rent during the COVID-19 pandemic.
– **Omni Ecosystems (Chicago, IL):** Founded by Molly Meyer in 2009, Omni Ecosystems is a green infrastructure company. Molly received advice from her local Small Business Development Center (SBDC) and an SBA 504 loan to buy a building in an Opportunity Zone. She received a PPP loan that enabled her to retain all her employees. Molly is recognized as the SBA’s Illinois Small Business Person of the Year.
– **Diaz Transcription Services (Harrisburg, PA):** Jenine Diaz runs a full-service transcription and electronic court reporting company. Business stopped when Pennsylvania temporarily closed all nonessential businesses due to COVID-19. The PPP loan was crucial to keeping her business operational.
– **Castalia Systems (Tampa, FL):** Lindsey Britt, president & CEO, benefited from the SBA’s 8(a) program for Economically Disadvantaged Women-Owned Small Business (EDWOSB). Specializing in IT, data science, and cybersecurity, Lindsey’s PPP loan helped maintain business operations and protect 125 jobs during the pandemic.
**Resources for Women Entrepreneurs**
Women business owners can use SBA resources to advance their businesses. The SBA’s Women-Owned Small Business (WOSB) Federal Contracting Program allows women-owned businesses to compete for exclusive federal contracts.
Starting last month, the certification process for WOSBs and EDWOSBs has been simplified, making it easier for qualified businesses to participate. The program has implemented changes to enhance the customer experience while ensuring the certification process’s integrity.
Women entrepreneurs can also benefit from business education and counseling through SBA resource partners, including Women’s Business Centers (WBC). WBCs provide services tailored to community needs, such as training in finance, management, and marketing. Businesses that receive WBC assistance have a higher survival rate compared to those without such support.
The SBA remains committed to providing women entrepreneurs with the guidance, education, and financial support they need to keep breaking barriers and thriving in business, thereby boosting their local economies.
