SBA Administrator Announces Plans to Elevate the Office of Women’s Business Ownership

U.S. Small Business Administration Administrator Isabella Casillas Guzman recently announced that the SBA intends to elevate its Office of Women’s Business Ownership (OWBO) to directly report to the Office of the Administrator. Under Administrator Guzman, the SBA has expanded the number of Women’s Business Centers (WBCs) to a record 140 locations nationwide. These WBCs offer a network of extensive on-the-ground resources that include free to low-cost counseling, training, business development technical assistance and are dedicated to assisting women entrepreneurs to start, grow, and expand their enterprises.

As the fastest-growing entrepreneurial segment in the country, the high growth in entrepreneurship amongst multicultural women is particularly noteworthy. Data from the SBA’s Office of Advocacy found that between 2014 and 2016, the number of employer firms owned by women grew six percent, twice the growth rate of employer firms owned by men. This exponential growth was mainly driven by an increase in employer businesses owned by minority women, which grew 14 percent in that time.

This announcement comes after the release of the first-ever National Strategy on Gender Equity and Equality commissioned by the White House outlining objectives and priorities for obtaining equity for women. 

Women entrepreneurs play a key role in our society and economy. Yet, they remain underrepresented in a myriad of key factors, including access to capital, contracts, and connections. Led by OWBO, the SBA will lead the way in assisting women-owned businesses in leveraging government resources – including recently announced opportunities through an equitable federal procurement strategy, the Bipartisan Infrastructure Law, and the Build Back Better Act - to level the playing field. 

Currently, the OWBO is an organizational component of the Office of Entrepreneurial Development. The SBA emphasizes that the reorganization is still in the planning stages and likely will not be finalized until the close of fiscal year 2022.

About the Office of Women’s Business Ownership: 

Established by Executive Order in 1979 and codified through the Women’s Small Business Act of 1988, OWBO’s mission has been to empower women entrepreneurs through advocacy, outreach, education, and support. Under the leadership of Administrator Guzman, the SBA now has a record 140 Women’s Small Business Centers located nationwide.

Each WBC tailors its services to meet the needs of its specific business community and provides one-on-one counseling, training, networking, workshops, technical assistance, and mentoring to women entrepreneurs on numerous topics, including business startup, financial management, marketing, and procurement. To find WBC locations and additional SBA resources in your area, visit www.sba.gov/tools/local-assistance.

Beyond the WBC network, the SBA provides the capital needed to start a new business through the 8(a) Business Development Program, which helps small, disadvantaged businesses compete in the marketplace, free online training to instruct women on how to grow their businesses with the Ascent learning platform, and assists women-owned small businesses to better compete for federal contracts through the Women-Owned Small Businesses (WOSB) Federal Contracting Program. To learn more about SBA’s programs and services for women entrepreneurs, visit www.sba.gov/women.