Posted on March 19, 2022.

Women-owned businesses continue to become more established in the American economy, however, women continue to face more obstacles than men when launching and growing their businesses. These challenges — including securing small business loans — thwart the success of female-owned companies and hinder their ability to innovate, create jobs, and grow. Fortunately, helping women-owned businesses — especially those owned by minorities — has been a priority of the Biden administration.

Female-owned businesses, which must be at least 51% owned and controlled by women, have become increasingly prominent over the past decade. From 2014 to 2019, the number of women-owned businesses soared to 21%, leading to over 12 million businesses in operation, according to the 2019 American Express State of Women in Business Report. In those five years, overall businesses across the country increased by just 9%. Looking back even further the number of women entrepreneurs has risen 114% during the past two decades.

As of 2019, about 50% of women-owned businesses were operated by women of color. In the five-year span from 2014-2019, the average revenue for those women of color decreased from $67,800 to $65,800. Meanwhile, the average revenue rose from $198,500 to $218,800 for non-minority women.The Biden administration and the SBA have made it a priority to help Black-owned businesses owned by women. Last week, SBA Administrator Isabella Casillas Guzman announced the availability of $1.5 million for 10 new grant opportunities for established Minority Serving Institutions aspiring to host a Women’s Business Center (WBC) to provide local outcome-oriented business services for women entrepreneurs.

During Black History Month, the SBA has reaffirmed its commitment to creating funding opportunities that increase equity for small business owners. This effort has been a priority under Administrator Guzman. Through the SBA’s Office of Women’s Business Ownership’s (OWBO), the WBCs help entrepreneurs pivot, grow and navigate new opportunities.

Original Article: https://www.forbes.com/sites/rohitarora/2022/02/23/sba-offers-increased-assistance-to-black-female-business-owners/?sh=672c79507dcb