How the bill will help women-owned businesses
The bill is advocating support in three primary areas.
- Increasing capital - the bill would allow lenders in the SBA Microloan to increase overall lending capacity from $5 million to $7 million.
- Sole source contracting - the bill would would authorize sole source contract awards to women-owned small businesses. Sole source contracts are no-bid contracts that are legal and sometimes used by the U.S. government under specified circumstances. This target goal is important because the federal government's current 5 percent goal of awarding contracts to women-owned small businesses is not being met.
- Business counseling - the bill would double the funding to Women's Business Centers throughout the U.S. and provide more business counseling programs for women-owned businesses. Women's Business Centers are operated by the SBA Office of Women Ownership.
To read the entire bill, visit www.microbiz.org/womens-small-business-ownership-act/