It is difficult to overstate the impact that women entrepreneurs have had on the U.S. economy during the last 50 years. In 1972, there were a little over 400,000 women-owned businesses across the country. As of today, that number exceeds 13 million. How we got to this milestone should come as no surprise. Women entrepreneurs are resilient, creative, and opportunistic --qualities they have used to leave their mark on every industry from health care and social assistance to retail trade.
October is National Women’s Small Business Month, a time to celebrate the achievements of America’s women entrepreneurs. Entrepreneurs like West Virginia’s Jill Rae Scarbro, the SBA’s 2022 Small Business Person of the Year. Dreamers like Jennifer Legere, Founder and Director of A Place to Grow, LLC, New Hampshire’s Women-Owned Business of the Year. Visionaries like Latanyua Robinson, President and CEO of Latrobe, LLC, Arkansas’s Minority-Owned Small Business of the Year.
The examples are countless. Through its Office of Women’s Business Ownership (OWBO), the SBA endeavors to create more success stories by helping women entrepreneurs reach their full potential.
- Mentorship: Every small business owner needs someone in their corner. Through SBA resource partners like Small Business Development Centers, Women’s Business Centers, SCORE, Veterans Business Outreach Centers and Community Navigators, women entrepreneurs can find expert guidance. Any one of these resources can help you navigate the ins and outs of small business ownership.
- Funding: The SBA makes accessing capital simple. Our Lender Match tool connects entrepreneurs to lenders who offer SBA-backed funding. There is also a variety of SBA loan programs. If you’re unsure of where to start, our partners can point you in the right direction.
- Contracting opportunities: Each year, the federal government aims to award at least 5% of all federal contracting dollars to women-owned small businesses. Taking advantage of the Women-Owned Small Business (WOSB) Federal Contracting Program will assure your business is eligible to compete for set-aside federal contracts.
- Online resources: The SBA’s free online courses help small businesses level up. There’s a course for every stage of business growth on the SBA Learning Platform. For women entrepreneurs specifically, Ascent offers informative videos, discussion guides, and self-assessments to support women entrepreneurs through their business journey — and at no cost. You can also find tools and training options on our resource partners’ websites, including SCORE’s to resources for women entrepreneurs.
The growth of women-owned businesses shows no signs of slowing, and the SBA is here for it. Visit sba.gov/women to learn more about how the SBA is helping women entrepreneurs break into the marketplace — and stay there.