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 Women-owned Small Businesses and Small Business Administration

Over the past 20 years (1997-2017), the number of women-owned businesses has grown 114% compared to the overall national growth rate of 44% for all businesses. If fact, as of January 2017, there are an estimated 11.6 million women-owned businesses in America that employ nearly 9 million and generate more than $1.7 trillion, according to the 2017 State of Women-Owned Businesses Report commissioned by American Express.

In today's changing economy, women are making a name for themselves as entrepreneurs, however, the entrepreneurial dream to own a business is just the beginning. Women entrepreneurs, tend to face more challenges then their male counterparts when owning and operating your own business. Funding tends to be the number one challenge for most women entrepreneurs, which is consistent with nationwide statistics of business loan approval rates. Women entrepreneurs loan approvals are 15 to 20 percent lower than for men.

However, thanks to the Small Business Administration - or SBA - who provides increased availability of affordable small business loans, educational resources and training for women entrepreneurs, these challenges should be lessened which will continue the growth of women-owned businesses.

The SBA founded in 1953 provides various resources to help all small business owners to become successful entrepreneurs. This includes in-person and online counseling, low-cost training, and advocacy for small businesses. One of SBA's most significant resources is its low interest loan programs. SBA loan programs:

  • SBA 7(a) Loans - Working Capital or Commercial Real Estate
  • SBA CDC/504 Loans - Owner-occupied Commercial Real Estate
  • SBA CAPLines - Seasonal or Flexible Loan
  • SBA Export Loans - Import/Export Loan
  • SBA Microloans - Quick Approval Small $50,000 Loan
  • SBA Disaster Loans - Disaster Recovery

The SBA's Office of Women Business Ownership (OWBO) was created to service and empower female entrepreneurs through programs coordinated by SBA district offices. Programs include business training, counseling, federal contracts, and access to credit and capital.

The OWBO is available to all women through Women's Business Centers, with over 100 educational centers open nationwide. The Office of Women's Business Ownership collaborates with other both national and local organizations to provide additional resources to women entrepreneurs. Some national organizations are below:

  • Association for Enterprise Opportunity (AEO)
  • Association of Women's Business Centers (AWBC)
  • National Association of Women in Construction
  • National Association of Women in Real Estate Businesses (NAWRB)
  • National Association of Women's Business Owners (NAWBO)
  • U.S. Women's Chamber of Commerce (USWCC)
  • Women'd Business Enterprise National Council (WBENC)
  • Women Impacting Public Policy (WIPP)
  • Women's Presidents' Organization (WPO)

Besides the SBA loan programs you have the 8(a) Business Development program to help small, disadvantaged businesses compete in the marketplace, the Women-Owned Small Business (WOSB) to help women-owned small businesses compete for federal contracts, and the SBA working with other federal agencies to increase contraction opportunities. All with the purpose to achieve the government's five-percent contracting goal for women-owned small businesses.

Finally there is the National Women's Business Council which is a non-partisan federal advisory council serving as an independent source of advice and counsel to the President, Congress, and the U.S. Small Business Administration, The Council is the government's only independent voice for women entrepreneurs, tackling important and relevant economic issues.

All in all starting and owning a small business has many challenges, finding adequate capital to either start or operate your business is the largest challenge for the majority of small business owners. However, certain owners tend to face greater barriers than others.

The SBA is one of the best sources for small business funding and one of the most difficult to obtain. Additionally, the process is long, months not; days or weeks, the paperwork is overwhelming and a good credit rating is required. And, some of their loans require collateral and/or a personal guarantee. However, in the end if you do not qualify you have other options.

These options take less paperwork, usually one application, with documentation supporting three months of income and/or cash flow. The approval time is days not; weeks or months. Are these options more expensive? Yes! However, financing like managing a business is a step by step process. If at first you cannot qualify for an SBA loan or other more traditional loan, obtaining a short-term alternative funding high interest loan is an option that gives you cash flow to fund your business, while learning ways to improve your credit score. Once your score improves you will be able to refinance your high increase loan with a new lower-cost SBA loan.

Get the funding you need NOW! Find Drew Cashmere on Linkedin or call 786-544-2700. Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Apply:CLICK HERE




The business funding you need when others say No!.

2569 Bay Pointe Dr.
Weston FL 33327




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