Helpful Assistance Programs for Women in Business
We've all heard the saying, "It's a man's world." Well into 20th-century America, the majority of business owners and chief breadwinners were men. When women worked, many of those jobs tended to be in what was then considered traditionally feminine roles as teaching, nursing, or cosmetology. For the most part, women were employees, not employers. According to former Small Business Administration Administrator Karen Mills, 30 percent of all businesses now are owned by women, and the revenue from those companies tops $1.2 trillion annually. From childcare to technology, women are blazing a trail in business ownership. This increase in female-led enterprises has spawned a sector of lending and assistance programs that cater specifically to women in business.
Types of Programs Available for Women
Women have always had entrepreneurial spirit, but financing for women in business still can be hard to attain at times. The following assistance programs are specifically tailored for women who want to start or build their small businesses.
- WOSB Federal Contract Program: The Women-Owned Small Business Federal Contract Program allows contracting officers for federally funded projects to set aside a certain number of contracts for women-owned businesses. To be eligible for this program, a business must first be classified as a WOSB. To qualify, the business must be at least 51 percent women-owned, be owned by a U.S. citizen, and be classified as a small business by the SBA.
- HUBZone Program: This program was developed to help women-owned small businesses located in underrepresented areas receive government contracts. For example, if your business is based in Walla Walla, WA, and you wish to bid on a government contract, this program can help you be as competitive as a company in Chicago or Philadelphia.
- Women's Business Development Center: If you are a woman with a business in the Midwest, this organization's assistance programs have a wealth of information, contract leads, and tools to help you grow your business. In December 2012, it also became a micro-lender for women-owned small businesses.
How These Assistance Programs Help
Owning a business is not easy. Sometimes you need help to stay afloat, whether your business is new or already established. These assistance programs can help with all aspects of business ownership, such as attaining financing, networking with other women business owners, and finding sounding boards for new ideas. Your business does not operate in a vacuum, so as its owner, you shouldn't isolate yourself either. Take advantage of these assistance programs for women and help your business succeed.