With Small Business loan Support, Women Entrepreneurs are Fueling the Small Business Surge
The impact of women entrepreneurs on America's small business landscape is undeniable. Between 2019 and 2023, the growth rate of women-owned businesses surged by 94%, outpacing their male counterparts. Yet, despite this impressive growth, women-owned businesses still make up only about 38% of all U.S. enterprises.
As we celebrate Women’s Equality Day on August 26, the mission to create a more inclusive and equitable business environment continues. The Small Business Administration (SBA) stands by women entrepreneurs at every stage of their journey, offering resources and support to help them succeed and thrive.
Key SBA Resources for Women Entrepreneurs:
- Access to Training, Counseling, and Ongoing Learning:
Women entrepreneurs are present in every state and territory, and to support them, the SBA has established 152 Women’s Business Centers (WBCs) across the U.S. These centers provide vital assistance in helping women launch and expand their businesses. Alongside WBCs, Small Business Development Centers, SCORE mentors, and Veterans Business Outreach Centers offer additional guidance. For more flexibility, the SBA’s online Learning Platform offers coaching and training tailored to the unique needs of entrepreneurs at various stages of their business growth. - Funding and Financial Resources:
Women entrepreneurs often face financial barriers, but the SBA-backed loan programs aim to break these down by increasing access to capital for underserved communities. SBA loans reduce the risk for lenders, helping more women-owned businesses secure the funding they need. In addition to loans, the SBA provides resources to connect businesses with investors and offers protection through surety bonds. - Opportunities in Government Contracting:
The federal marketplace is rich with opportunities for women-owned small businesses. The U.S. government is the world’s largest purchaser of goods and services, and in the past fiscal year, women-owned businesses secured a record $30.9 billion in federal contracts. Through the Women-Owned Small Business (WOSB) Federal Contracting Program, the government aims to meet its goal of allocating contracts to industries where women entrepreneurs are underrepresented.
The Small Business Loan California program, along with the SBA’s many resources, is dedicated to empowering women entrepreneurs as they play a critical role in driving the U.S. economy forward.
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