SBA Help for Women Owned Businesses
Houston Business Coaching
History. - The federal government created the SBA in 1953; it provides loan guarantees and additional help to small business.
The storied history of the SBA includes landmark programs, such as the Small Business Investment Company (SBIC), a licensed entity to help finance small businesses, and the Equal Opportunity Loan (EOL) Program. To help women-owned businesses, the Federal Acquisition Streamlining Act of 1994 (FASA) requires that no less than 5 percent of all prime contract and subcontract awards each fiscal year are given to women-owned businesses.
Programs. - The types of assistance available to women-owned businesses through the SBA include: free advice on all areas of entrepreneurship through the Office of Women's Business Ownership; resources for young women in business, including the Teen Entrepreneur Guide, YoungBiz and the Center for Entrepreneurial Leadership; the Women-Owned Small Business (WOSB) Procurement Program, which explains how to use the FASA regulations to expand their businesses; and Women's Business Ownership Representatives (WBOR), who offer advice and special programs.
Loan Guarantees. - The SBA does not offer grants or other types of funding for women-owned businesses, but it does offer loan guarantees to women-owned business financing requests, and the agency attempts to be "aggressive" in their approval activities. The SBA guarantees up to 85 percent of the loan amount to commercial lenders willing to lend to women-owned businesses.
Federal Assistance. - The federal government offers numerous grants and awards, including some that apply to women and may, indirectly, benefit their businesses. For example, the federal government offers grants for the research and development of technology-based products for government use, and women-owned businesses may apply for these.
Federal Acquisition Regulation. - The federal government and all its agencies purchase goods and services based on the content of the Federal Acquisition Regulation (FAR). Most businesses, including those owned by women, are eligible to sell their products and/or services to the government within the context of these rules. The SBA offers women-owned businesses assistance in understanding and complying with the FAR.
Source: smallbusiness
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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