The National Women’s Business Council is supporting research being conducted by the Center for Women’s Business Research (www.cfwbr.org) to quantify the economic impact of women-owned businesses in the U.S. This research seeks to understand the economic ripple effect of women-owned businesses by exploring both direct spending by women-owned firms and indirect spending by their suppliers and employees. This is the first time that this type of analysis has been undertaken for women-owned businesses nationwide and the results are anticipated to have a profound effect on women business owners as well as policy makers, corporate executives and organizations which support women-owned businesses.
In order for this research to have the greatest impact, the participation of women-business owners from across the country and from all industry segments is needed. Women business owners are invited to contribute to this dynamic new research study by answering a short series of questions about their businesses through an anonymous online questionnaire. This is a unique opportunity to contribute actionable data to the national dialogue on the current and future economic impact of women-owned businesses. Click here to participate in the research: https://www.w-bizinsight.org/R.aspx?a=63. Deadline for participation is this Friday, June 19!
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On June 15, the U.S. Small Business Administration (SBA) launched a new loan program to assist small businesses in need of short-term capital whether the current financial crisis. The America’s Recovery Capital (ARC) Loan Program, authorized by the American Recovery and Reinvestment Act of 2009 (the Recovery Act), will provide deferred-payment loans of up to $35,000 available through SBA’s 7(a) participating lenders.
Eligible small businesses can use the loans to make payments on existing, qualifying small business loans for up to six months, allowing those businesses to redirect cash flow from making loan payments to investing in their businesses, to help sustain the business and retain jobs. ARC Loans are interest-free to the borrower, 100% guaranteed by SBA to the lender, and have no fees associated with them. Repayment can extend up to five years.
According to the SBA, the best candidates for ARC loans are small businesses that in the past were profitable but are currently struggling, yet have been making loan payments or are just beginning to miss loan payments due to financial hardship. Learn more about the ARC Loan Program here: http://www.sba.gov/recovery/arcloanprogram/index.html.
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Entrepreneurs from around the country were celebrated during National Small Business Week May 17-19 in Washington, DC. The events, hosted by the SBA, included a White House reception in which President Obama and SBA Administrator Karen Gordon Mills recognized the award winners and highlighted the important contributions of entrepreneurs.
Jeanna R. Sellmeyer, CEO of Oklahoma-based ASSET Group, Inc., was named the National Small Business Person of the Year. In addition to the national and state-level winners, fifteen small business owners and leaders were named Small Business Champions for their support of entrepreneurs. Laurie Benson, CEO & Co-Founder of Inacom Information Systems in Wisconsin, was named the 2009 National Women in Business Champion. The New Jersey Association of Women Business Owners Women's Business Center in Chatham, NJ was awarded the Women's Business Center of Excellence Award, which honors a Women's Business Center for its excellence and innovation in assisting women entrepreneurs by providing a wide variety of training and counseling.
Click here to read more about National Small Business Week and all of the award winners.
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On May 13, NWBC staff member Katherine Stanley met with women from six African countries as part of the U.S. State Department’s International Visitor Leadership Program. Stanley and staff from the SBA Office of Women Business Ownership explained the federal government’s role in promoting women’s business ownership and described the range of programs available for women entrepreneurs. They also stressed the value of women’s groups and the importance of networking in supporting women business owners.
Participants asked about common roadblocks women face when starting and running their own businesses. In addition, the meeting included discussion of how federal government programs link with state and local programs supporting women entrepreneurs. Following their meetings in Washington, DC, the visitors traveled to other regions of the U.S. to further explore the role of women in the U.S. economy and the impact of globalization on women’s development. Their trip was designed to demonstrate the importance of equal access to education, training, financing opportunities, and technology to achieve economic equality.
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This month, Council members and staff member Katherine Stanley will attend the National Association of Women Business Owners (NAWBO) Women’s Business Conference in Chicago, Illinois. Being held June 24-26, the conference will include speakers, seminars, and an exhibit marketplace to help attendees sustain, grow and expand their enterprises. In addition, attendees will also have the opportunity to learn about and participate in the Make Mine a Million $ Business RACE (M3 RACE), sponsored by Count Me In. This year-long, business-growth marathon will provide participants with access to hands-on, in-depth workshops, expert advice and creative visioning tools to help them grow professionally and personally. Visit www.nawbo.org to learn more or to register.
Earlier in the month, members and staff of the National Women’s Business Council participated in the Women’s Business Enterprise National Council (WBENC) 2009 Women in Business National Conference and Business Fair in San Francisco, California. The event brought together over 2,000 women business owners, supplier diversity and procurement professionals, government, community and business organization leaders for networking events, symposiums, workshops, and a business fair. During the event, Margaret Barton and staff member Emily Reynolds networked with attendees, sharing information about the Council and its recent research and advocacy on behalf of women business owners. Learn more at www.wbenc.org/wib2009.
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SCORE, a nonprofit association dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide, recently launched a blog offering tips and advice to women business owners. SCORE counselors are working and retired executives across the country who volunteer to offer their expertise to entrepreneurs and business owners. The blog includes insights on running and growing a business from SCORE experts and guests. Recent posts cover topics such as marketing, business law and work life balance. Click here to read the blog.
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A new study released last month by the SBA Office of Advocacy analyzes bank lending to small and micro-businesses from June 2007 to June 2008. The new report, Small Business and Micro Business Lending in the United States for Data Years 2007- 2008, indicates that while small business lending by banks increased during the period, growth was slower than in the previous year. Specifically, from June 2007 to June 2008, the total value of small business loans increased by 4 percent and the total value of loans to micro-businesses increased by 6.8 percent. Broken down by value, loans under $100,000 were up 15.7 percent over the period, while loans between $100,000 and $1 million fell by 23.3 percent.
In addition to providing details on overall small business lending, the research also provides state-by-state totals and totals for individual lenders. Advocacy considers these state-by-state rankings of banks and financial institutions lending to small businesses a useful tool for small businesses looking for loans.
For information about the research, including expanded state-by-state tables, visit http://www.sba.gov/advo or click here to read the full report.
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In late May, the Center for Women’s Business Research released the results of a business confidence survey designed to gauge the experiences and opinions of women business owners. In the survey, which was sponsored by KeyBank’s women’s business initiative, Key4Women, half of the women business owners who responded said their businesses had been significantly or considerably negatively impacted by the current recession.
More than half (56 percent) of respondents to the Key4Women Confidence Survey reported lower net earnings and 18 percent decreased employment levels in the first quarter of this year. In addition, the survey showed that two-thirds of responding women business owners had been watching their cash flow much more carefully over the past six months and 42 percent said they are collecting receivables more aggressively.
On a more positive note, 48 percent of the respondents said they expect the economy will improve over the next six months, and another 42 percent think it will remain about the same. To see more results from the survey, visit www.centerforwomensbusinessresearch.org.
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On June 11, the Senate Committee on Small Business and Entrepreneurship held a roundtable discussion on strengthening small business. On hand to offer perspectives from the small business community were representatives from the SBA, the Association of Women’s Business Centers, SCORE, and the Association of Small Business Development Centers. The discussion explored strategies used by government-supported organizations to assist entrepreneurs and the outcomes these organizations produce. In addition, roundtable participants offered suggestions on how the bill could be improved to meet current economic realities.
The discussion, convened by Chairwoman Mary Landrieu (D-LA), was held a day after she and Senator Olympia Snowe (R-ME) introduced a bipartisan bill to reauthorize and revitalize entrepreneurial development programs of the Small Business Administration. The proposed legislation includes a provision reauthorizing the National Women’s Business Council. To follow the progress of this bill, please click here.
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Two upcoming workshops, sponsored by the Overseas Private Investment Corporation (OPIC), will provide assistance to minority and women-owned small businesses interested in participating in the global marketplace. For the third year, NWBC is cooperating with OPIC and the Minority Business Development Agency to promote the Expanding Horizons workshops, which will be held September 24, 2009 in Boston, MA and October 22, 2009 in St. Louis, MO.
The workshops will provide participants with an understanding of the programs and resources provided by the Overseas Private Investment Corporation, which is the U.S. government agency responsible for supporting private sector investment in developing countries. Speakers will include senior government officials from OPIC and other agencies, international bankers, and representatives from businesses investing overseas who will share their insights and experiences. Networking opportunities will be available and participants will be able to arrange one-on-one meetings with OPIC officials. For more information, visit www.trademeetings.com.
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The recently enacted American Recovery and Reinvestment Act (ARRA) of 2009 contained a number of new or expanded tax benefits for businesses making expenditures to reduce energy use or create new energy sources. The Internal Revenue Service (IRS) is reminding businesses that many energy-saving steps taken this year may result in bigger tax savings next year.
To learn about the available provisions and explore whether your business may be eligible, click here. More information on the wide range of energy items is also available on the special recovery section of the IRS web site.
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