Small Business Association Provides $2.7 Million to Women Business Centers

If you are a female business owner struggling to keep your business open after the COVID pandemic, you need a strong support group. There are many options available for women-owned businesses, including millions of dollars in grants that are intended specifically for companies and organizations founded and owned by women. 

The Small Business Administration, which has been vital for maintaining businesses throughout the pandemic, recently announced the selection of 14 different institution that will get up to $200,000 each. This money, totaling $2.7 million, will be used to support business-development activities in 13 different states. 

The money will not go directly to small businesses, but will instead be used to improve services among women’s business centers, often referred to as “WBCs.” The money will improve the organizations’ abilities to deliver service such as training and provide support for women-owned companies that have been impacted by COVID-19. 

Out of a network of over 130 different centers, the SBA selected 14 WBCs for funding. The 14 different organizations include: 

• CWE Eastern Massachusetts, Women’s Business Center, Boston

• Women’s Center for Entrepreneurship Women’s Business Center, Chatham, N.J.

• WISE Women’s Business Center, Syracuse, N.Y.

• Chatham University’s Center for Women’s Entrepreneurship Women’s Business Center, Pittsburgh

• weVENTURE Women’s Business Center at Florida Tech Bisk College of Business, Melbourne, Florida

• Benedict College Women’s Business Center, Columbia, South Carolina

• WEOC Women’s Business Center, Fort Wayne, Indiana

• WomenVenture WBC, Minneapolis, Minnesota

• Albuquerque Women’s Business Center, Albuquerque, New Mexico

• Arkansas Women’s Business Center, Little Rock, Arkansas

• Mi Casa Women’s Business Center, Denver, Colorado

• California Capital Women’s Business Center, Sacramento, California

• Women’s Economic Ventures Women’s Business Center, Santa Barbara, California

The money distributed by the SBA was provided under very specific guidelines, and groups had to meet important requirements to be selected and provide specific services on order to be granted the money. The groups have to provide counseling to current or aspiring female business owners. They also have to provide technical- and financial-development, as well as business assessments. Mentoring services were also a requirement to be selected for this support. 

How will This Money Impact You, the Female Business Owner? 

As we discussed, this money will not be given directly to women-owned businesses. Unlike other programs, such as the Paycheck Protection Program and other COVID-related relief efforts, this program does not include grants or loans to small businesses. Instead, this money is given to organizations that support women-owned businesses. 

For example, the WISE Women’s Business Center in Syracuse, New York provides a variety of resources, programs, and counseling. They provide assistance to women who are launching a business or need support managing a company. They also provide counseling support to help women entrepreneurs achieve their goals. 

With the money granted to these organizations, these important groups can continue their effort to provide a high level of support to women-owned businesses. 

How Has the Pandemic Impacted Women Businesses? 

While the pandemic has had an overall negative impact on businesses of all types and owners from all backgrounds, it appears that female business owners have been effected by the problem at a higher level. 

According to a report from the U.S. Chamber of Commerce, the percentage of men who ranked their business’s overall health as “somewhat or very good” fell by 5%, dropping from 67% before the pandemic to 62% by July of 2020. The stats for women business owners, however, was even worse. The U.S. Chamber of Commerce found that women’s confidence in their business fell by 13% during the COVID pandemic. (60% pre-pandemic to 47% after.)  

Male owned business were more likely to report increases in staff during the pandemic. Also, female-owned businesses had fewer plans for the future, reporting stagnant investment plans while male-owned businesses were more likely to put investment plans in place. Male businesses were more likely to hire, while female-owned businesses were less likely to expect revenue increases.

All of these statistics, and more, highlight the need for support, training, counseling, and mentoring for female owned businesses. 

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Regardless of your ownership status, if you need top-quality help for your small business, work with Snagajob right away. We have a massive pool of motivated, reliable workers looking for fantastic companies just like yours!