By Natalia Olson-Urtecho
The face of entrepreneurship is changing in America. Women-owned small businesses are one of the fastest growing sectors of our economy and are helping us recover from the Great Recession.
Still, there are still profound challenges women small business owners face – a lack of access to capital and resources, a lack of knowledge about business basics and a lack of financial education. Women entrepreneurs should not be discouraged or deterred for these reasons. The U.S. Small Business Administration (SBA) Mid-Atlantic Region stands alongside entrepreneurs, including women, to knock down these obstacles.
In the SBA’s Mid-Atlantic Region, we know business success can be achieved with the right tools. We have a reason to celebrate Women’s Small Business Month with our success stories: for example, Allegheny Science & Technology. Arria Hines is part of SBA’s West Virginia 8(a) Business Development Program. “The entire West Virginia District Office has been instrumental in my networking success,” states Hines. Allegheny Science & Technology has recently won a three-year, $85 million Blanket Purchase Agreement for Mission Oriented Technical Support services in support of the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy. With SBA’s 8(a) Business Development Program, Hines empowered her entrepreneurial spirit and secured her small business success.
As an advocate and champion for small businesses across the nation, we at SBA recognize women are under-represented in the federal contracting marketplace despite being essential job creators in communities across the country. We all know federal contracts provide critical opportunities for owners of small firms to boost their small businesses to the next level and create good-paying jobs. That’s why we rolled out the SBA Women-Owned Small Business Federal Contract Program (WOSBs) in 2011. This program authorizes contracting officers to set aside federal contracts for eligible women-owned small businesses or economically disadvantaged small businesses to ensure women earn a fair share of the federal marketplace. Continued support for women is essential as women-owned small businesses have grown by 20 percent in five years and a quarter of small businesses are now owned or led by women.
The SBA offers additional resources such as local Women’s Business Centers (WBCs) and SBA Lending Programs. WBCs are an effective resource that encourage and help women small business owners navigate to success through mentorship and training. Additionally, there are various SBA loan programs that can cater to your small business needs.
Overall, your gender, your race, your age, or your neighborhood should never impact you as a potential small business owner. Only your creditworthiness should.
About the Author
Natalia Olson-Urtecho is the Mid-Atlantic Regional Administrator for the U.S. Small Business Administration. She oversees the delivery and management of the SBA’s services to small business owners and entrepreneurs throughout Pennsylvania, Delaware, Maryland, Virginia, West Virginia and Washington D.C.
