In honor of Black History Month, $1.5 million will be awarded to support the expansion of women’s business centers in historically Black colleges and universities.
02/09/2022 10:45 A.M.
3 minute read
Last week, U.S. Small Business Administration (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.
As Black History Month is underway, the announcement highlights the agency’s commitment to creating funding opportunities that increase equity for small business owners—a priority under Guzman, according to a news release from the SBA.
Multicultural women represent the fastest-growing entrepreneurial segment in the country. The SBA’s Office of Advocacy found that between 2014 and 2016, the number of employer firms owned by women grew 6%—driven by an increase in employer businesses owned by minority women, which saw a 14% increase in that time, ACA International previously reported.
According to SBA Small Business Facts released in August 2021, there are 1.1 million women-owned businesses with 10.1 million employees. Most women-owned businesses are small, according to the SBA.
“Our efforts to help establish more Women’s Business Centers at Minority Serving Institutions across America will not only deliver on the Biden-Harris administration’s priority to invest in equity but also will help more women entrepreneurs—one of the most energetic, innovative and fastest-growing segments of our small business economy—drive America’s strong recovery and Build a Better America,” Guzman said. “Our Women’s Business Centers provide vital support, connecting women entrepreneurs with many of the SBA’s most valuable resources, including access to capital, professional networks, skills training for business growth and resilience, and much more. My hope is that leaders of every qualifying institution will seize this opportunity to establish a Women’s Business Center and start building bridges to opportunity for our nation’s women business owners.”
The new funding will help up to 10 private, nonprofit organizations provide entrepreneurial development services to women, with an emphasis on socially and economically disadvantaged entrepreneurs in locations that are outside of existing WBCs.
Eligible applicants include the following institutions of higher education or their affiliates:
- Historically Black Colleges and Universities (HBCUs)
- Hispanic Serving Institutions (HSIs)
- Tribal Colleges and University (TCUs)
- Native Hawaiian Serving Institutions (NHSIs)
- Alaska Native Serving Institutions (ANSIs) of higher learning with existing minority entrepreneurship or related programs
Interested applicants can apply at www.grants.gov, and more information is available on the application process.
“Under the leadership of Administrator Guzman, the Office of Women’s Business Ownership continues to work to advance the priorities of the Biden-Harris Administration,” said Natalie Madeira Cofield, assistant administrator, U.S. Small Business Administration. “Our office looks forward to supporting initiatives to ensure that multicultural women and the academic institutions that support them across the nation, have access to resources and support to advance entrepreneurial opportunities and preparation. This notable expansion builds on our historic expansion in 2021, where our center footprint grew to include 24 new centers, 60% of which were located in rural communities across the nation, including Puerto Rico.”
Since March 2021, 24 new centers have opened. Among the newest WBCs are three affiliated with HBCUs and two in Puerto Rico, as well as several focused on reaching entrepreneurs from rural communities. Currently, the Office of Women’s Business Ownership funds and supports the largest WBC network in the history of the SBA, with 140 centers in 49 states and Puerto Rico.
The SBA’s WBC network provides one-on-one counseling, training, networking, workshops, technical assistance, and mentoring to women entrepreneurs on numerous business development topics. To find other WBC locations and additional SBA resources, visit www.sba.gov/tools/local-assistance.
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