Academic journal article Journal of Accountancy

SBA Announces Women's Business Initiatives

Academic journal article Journal of Accountancy

SBA Announces Women's Business Initiatives

Article excerpt

SBA ANNOUNCES WOMEN'S BUSINESS INITIATIVES

The Small Business Administration has announced a new program of nine initiatives designed to help increase the opportunities for women to own small businesses. Introducing the program, Susan Engeleiter, SBA administrator and chairperson of the National Women's Business Council, said, "Women are starting new business ventures at a rate 1.5 times faster than men, yet some businesswomen still report difficulty in obtaining credit and federal contracts. These initiatives will strengthen SBA efforts in these areas."

The initiatives include

1. Improved access to credit. The SBA will strive to increase the number of women applying for SBA-guaranteed business loans by 5% per year. It will sponsor 10 women's credit conferences across the country each year and will increase women's awareness of the small business investment company (SBIC) program.

2. More effective implementation of the SBA small loan program. This program will give lenders special incentives to make loans of $50,000 or less. It is expected to be particularly advantageous to women-owned service businesses, which typically need this type of business loan.

3. Additional federal prime contract awards to women-owned small businesses. The SBA hopes to accomplish this through (a) its set-aside program, which restricts certain contract opportunities to small businesses, (b) counseling and (c) expanding the solicitation lists of government contracting officers to include more women-owned businesses. …

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