According to the National Women’s Business Council, women are “starting more than 1,140 businesses per day, employ 8 million people, and bring in annual revenues of $1.4 trillion.” Those are some impressive numbers! With that, there are a number of resources out there to help women-owned businesses get equal opportunities for success.
Both government and private organizations have committed to helping women-owned businesses compete in the US market. These groups provide mentoring, employment contracts, education, networking, and priority in some federal contracts to give women-owned businesses a fair shake.
While there are a variety of business resources targeted toward women-owned businesses in general, there are additional resources available for women in traditionally male-dominated industries, such as STEM-related fields. Women represent a growing workforce in areas such as public works, utilities, construction, engineering, and architecture. Resources for funding, contract procurement, and education are vital for women’s presence to continue to grow in these fields.
These are some of the organizations that offer resources to help women start and run their businesses:
Small Business Administration Federal Contracting Program
The Small Business Administration (SBA) is a great source of support for women-owned businesses and aspiring female entrepreneurs. The SBA focuses on recruiting entrepreneurs, free education, and providing businesswomen with technical support, funding, and special government incentive programs.
The most innovative program supported by the SBA helps women find gainful employment through accessible government contracts. This is the Women-Owned Small Business (WOSB) Federal Contracting Program, which helps women expand their scope in technically demanding industries.
Under this program, the SBA helps Economically Disadvantaged WOSBs (EDWOSBs) get access to technical industries, where women make up only a small minority of the workforce. Under federal law, a certain number of contracts are set aside for qualified EDWOSBs. Therefore, if you meet the requirements, these contracts are there for the taking. This Program has helped to level the playing field for women in male-dominated business realms.
National Association of Women Business Owners (NAWBO)
NAWBO is a private, membership-based organization with 60 national chapters. It focuses on creating and improving networking among members. It connects women in business to learn from others’ experiences and support each other’s ventures. Aside from networking opportunities, NAWBO also provides online educational resources and discounts business owners can use for business costs
There are six distinct categories of NAWBO memberships. They range from student-level membership to an established, active entrepreneur membership level. Application costs vary by membership level. Even if you’re just starting out with limited resources, there are membership levels available to you. Interested prospective applicants can find more information about the process and membership levels at https://www.nawbo.org/.
Women-Specific Grants and Loans
One of the most important things a small business owner needs to do at the outset is secure financing. Without proper funding, a small business will never get off the ground. Forbes reports that women only get 80% of the capital that men do when searching for small business funding. That’s discouraging, but the good news is that there are programs available exclusively to female entrepreneurs. For example, there are a variety of grants available for women in business.
One of the most impactful sources of funding for women in business is the SBA’s Women-Owned Business Program. A business which is at least 51% owned and controlled by women will have access to federal funding in the form of special grants and loans. It will also have priority access to federal contracts in over 80 STEM-related industries. Regional SBA offices can help you find out the options available for your company.
Women have been making their mark on the business world for years. Even in male-dominated industries, women have always contributed to innovation and advancement. The number of women-owned businesses continues to grow as female entrepreneurs seek to make their mark. Meanwhile, women continue to join the ranks of the STEM industry in record numbers. However, women are still fighting an uphill battle for recognition and equal opportunities in the business world. These resources can help level the playing field.
This blog was written by Linda Rawson, who is the founder of DynaGrace Enterprises (dynagrace.com) and the inventor of WeatherEgg (weatheregg.com). She, along with her daughter, Jennifer Remund make up the mother-daughter duo of 2BizChicks (2Bizchicks.com). For further information, please connect with Linda on LinkedIn, or contact her at (800) 676-0058 ext 101.
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