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…
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