How Women-Owned Businesses Are Revitalizing the U.S. Economy

Minority Certification Services®

In 2014, an average of 1,288 women opened a new business every day. Between 1997 and 2014, women-owned businesses opened at a rate 1.5 that of all businesses combined. Seventeen years ago, women of color owned just 17 percent of women-owned businesses. Now, women of color make up one-third of all female business owners.

Overall, women-owned businesses generate $1.4 trillion in annual revenue. By employing 7.9 million American workers, female entrepreneurs are shaping the future of the American economy. To promote supplier diversity, the Small Business Administration (SBA), in 2011, created the Women-Owned Small Business (WOSB) Contract Program. To be eligible, the business must be 51-percent owned by women of U.S. citizenship. It must also meet SBA size standards within its industry.

WOSB: Competing for government contracts

The federal government has a goal of awarding 23 percent of its contracts to small businesses. Furthermore, it sets a goal of giving…

View original post 314 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: