Women-Owned Small Businesses have Record Year
In 1996 the federal government implemented a goal: At least 5% of all federal contracts must be awarded to women-0wned small businesses (WOSB’s). Finally, after 20 years of active pursuit, the goal has been achieved. In FY15, 5.05 % of all federal small business contracting dollars went to WOSB’s.
Under the leadership of SBA Administrator Maria Contreras-Sweet, the SBA has been keenly focused on initiatives to expand opportunities for women-owned businesses. The SBA provides small business training tools such as online courses educating small business owners abut contracting with federal agencies. They have expanded their outreach efforts about their programs, and they have partnered with others to run a national initiative aimed to boost government contracts to women-owned businesses.
While it is admirable to have reached the 5% goal, there is obviously more work to be done. Through SBA-funded Women’s Business Centers nationwide and other small business support organizations, there is hope that it will not take another 20 years to achieve another 5% gain.
To learn more about the Women-Owned Small Business Federal Contract Program, visit www.sba.gov/wosb. To see the original report about achieving the WOSB goal, click here: