SBA announces five new Women's Business Centers
The new business centers for women will be operated by institutions that work for diverse communities.
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The SBA recently announced the selection of five new Women's Business Centers (WBC), which will be operated by Minority Serving Institutions (MSI).
Through an investment that triples the number of these Women's Business Centers, the SBA underscores its commitment to creating financing opportunities that strengthen equity among small business owners.
“The WBCs will help entrepreneurs pivot, grow and navigate new opportunities created through President Biden’s Bipartisan Infrastructure Law, such as competing in the burgeoning industries solving climate change and growing clean-energy supply chains that will help expand global exporting,” it is pointed out by the SBA.
This strategy, which promotes access to economic resources for small businesses, is supported by the actions outlined in the recently released SBA Equity Action Plan and the Biden-Harris Administration’s equity agenda.
- Technical assistance to women entrepreneurs
- Development of business plans and capital access strategies for emerging entrepreneurs
- Access to educational experiences for MSI students
- Wide range of training through workshops and dissemination of information
- Development and dissemination of resumes, training materials, guides, and business practices
“Under the leadership of the Biden-Harris Administration, our nation has seen a historic small business boom with 2021 new business applications 20% higher than any year on record. And women — especially women of color — continue to lead the way with the highest startup rates,” said Administrator Isabel Casillas Guzmán.
Since March 2021, 30 new Women's Business Centers have been opened. Among the newest are now 10 affiliated with Historically Black Colleges and Universities (HBCUs); three in Hispanic-Serving Institutions (HSI), tripling the number of WBCs in HBCUs and HSIs; and two in Puerto Rico.
In March 2022, OWBO announced the expansion of its national WBC network to all 50 states and Puerto Rico after launching its 141st WBC in Anchorage, AK, bringing the total number of Women's Business Centers to 146.
This announcement marks the continued expansion by OWBO to support the largest WBC network in the history of the SBA.
- These are the new WBCs hosted by MSI:
- California State University, Fresno Foundation
- CSU Fullerton Auxiliary Services Corporation on behalf of California State University, Fullerton
- Miles College Center for Economic and Social Justice
- National Institute of Minority Economic Development, Inc. on behalf of Bennett College
- Rockville Economic Development on behalf of Bowie State University
“The SBA is committed to creating inclusive entrepreneurial support ecosystems so that any of our new — as well as our established - women entrepreneurs can successfully pursue their American dreams of starting, growing and building resilient businesses. And with SBA’s opening of five new Women’s Business Centers at Minority Serving Institutions across our country, we can help improve outcomes so they can do what they do best — create jobs, power our economy, and build a better America through entrepreneurship,” noted Guzmán.
The SBA has also invested directly in women entrepreneurs through critical programs, such as the Restaurant Revitalization Fund ($7.5 billion distributed to women-owned businesses), the 7(a) loan program ($5 billion), and the 504 program ($712 million) while awarding more than $27 billion in government contracts to women-owned businesses.
“We continue to see gaps in access to equitable resources for the growing community of women entrepreneurs. Under the leadership of Administrator Guzman, the Office of Women’s Business Ownership looks forward to continuing to create initiatives to ensure that SBA resources reach every woman entrepreneur no matter their race, ethnicity, socioeconomic status, or location,”said Natalie Madeira Cofield, Assistant Administrator, SBA Office of Women's Business Ownership.
To find other WBC locations and additional SBA resources click here.