Women entrepreneurs have made outsized contributions to America’s surging small business economy. Just look at the data: A monthly average of 440,000 new business applications were filed between 2021 and 2023. That’s a 45% increase over the prior four years combined, and women, along with Latinos and Black Americans, were major drivers of that growth. As we acknowledge these historic gains this Women’s Small Business Month, the SBA is excited to share counseling, capital, and contracting resources women entrepreneurs can leverage to leave their mark on the American marketplace.
- Counseling: There are nearly 150 Women’s Business Centers (WBCs) stationed across the country, each of them offering no- or low-cost counseling, mentoring, training, and business development resources to aspiring and established women entrepreneurs. Finding the WBC closest to you is as easy as entering your address. Other SBA resource partners are also at your disposal, including nearly 1,000 Small Business Development Centers, 200 local chapters of SCORE business mentors, and more than two dozen Veterans Business Outreach Centers. Whether you need general advising or technical assistance, the SBA’s network has you covered.
- Capital: Lending to women-owned small businesses has increased 70% since 2020, with total loan dollars exceeding $5 billion in 2023 alone. SBA loan programs, including 7(a) and 504, have fueled these figures. Both programs provide long-term financing and make it easier for small businesses to get the funding they need by reducing lender risk. Connecting with an SBA-guaranteed lender is as simple as using the Lender Match tool. The SBA also streamlines access to other financial tools, such as investment capital and disaster assistance.
- Contracting: 5% of all federal contracting work is reserved for women-owned businesses. Becoming a certified women-owned businesses allows you to compete for those set-aside contracts. Learn more about eligibility requirements, and become certified under the Women-Owned Small Business Federal Contract program today.
The SBA is celebrating Women’s Small Business Month all October long. Visit sba.gov/events to find an event for women-owned businesses. You can access more resources at sba.gov/women.