Bucks for Small Business

Economic upswing or not, it’s still hard out there for small businesses. Factors like access to capital, the right training tools and the ability to expand are all things business-owners worry about. And with more than 30 percent of all small-businesses now owned by women, how can women owners get the money they need to keep their businesses on track?

“Half the people of this country are going to work for small businesses,” Karen Mills, Administrator of the U.S. Small Business Administration, tells PINK. “If we’re going to have these businesses lead us into the economic recovery, they need to have access to some help.” She says SBA is working to meet and exceed their goal of ensuring 5 percent of government contracts go to women-owned small businesses, a quota unmet for years in the past.

This year, SBA’s women-owned small business rule will work to expand women’s federally contracting opportunities, as “women-owned firms continue to be under-represented in the federal contracting marketplace,” says Mills. In addition, the Affordable Care Act will allow more owners to provide healthcare to their employees.

Mills adds that it’s important for organizations like SBA to focus particularly on helping women entrepreneurs to receive grants, expand and be able to create jobs. “They are the fastest growing segment in today’s small business world.”

Not sure how to qualify? Sites like EQ Money, Women Owned and Business.gov can help you find loans, tell you how to apply and show which small-business programs are right for you.

Bonus PINK Link: Hear more from Karen Mills, PINK’s Top Woman of the Week, in our exclusive profile.

Minute Mentor: Terri Denison, District Director for the Small Business Association, shares advice on how to secure a loan for the business you want to start.

By Caroline Cox

“A company is only as good as the people it keeps.” Mary Kay Ash