NEW INVESTMENT IN WOMEN-OWNED SMALL BUSINESSES

The Small Business Administration is known to support entrepreneurs with a variety of resources and access to capital. But in the wake of the pandemic, many small businesses struggled or completely failed. The pandemic has obliterated many businesses and those that stuck around are struggling.

Women-owned small businesses, and especially those owned by women of color, are growing but face the harsh challenge of obtaining capital. The Small Business Administration is looking to step in and increase the support of women-owned businesses. The Small Business Administration’s Office of Women’s Business Ownership has been a solid supporter of women through training programs, federal contracting and financing support. But now, this office is moving to a new primary level of concern and will report directly to the SBA Administrator. This will grant this office more power to prioritize the needs of women business owners. This change is expected to take effect by the end of 2022. With this now being in the face of the SBA Administrator, it looks like more intense help will be provided to women-owned businesses. We will have to wait and see.