News

ByNWBC Council

NWBC Council Member Discusses Access to Capital With Dolemarie Mendez

 Although NWBC has indefinitely postponed its signature #LetsTalkBusiness Roundtable Series, which connects the voices of women entrepreneurs and business owners from across the country to policymakers in the Nation’s capital and helps serve as a springboard for the Council’s annual policy recommendations to Congress, the President, and the Administrator of the U.S. Small Business Administration (SBA), NWBC remains focused on carrying out its critical mission. As was reinforced at our first 2020 #LetsTalkBusiness Roundtable last month in San Juan, Puerto Rico, women business owners are key to helping local and national economies recover from disasters as well as grow and thrive.

Check out this dynamic interview with Dolmarie Mendez, Co-Founder and CEO of Abartys Health at NWBC’s #LetsTalkBusiness Roundtable in San Juan, Puerto Rico.

ByNWBC Council

NWBC Chair Liz Sara Joins IAWA 3rd Annual Forum

NWBC Chair joins panel discussion: Empowering Entrepreneurs By Building Their Financial Savvy at the 3rd Annual General Aviation Leadership Forum

IAWA Panel – Empowering Entrepreneurs by Building their Financial Savvy from CDB PRODUCTIONS on Vimeo.

ByNWBC Council

NWBC Partners with the Association of Women’s Business Centers (AWBC) to Deliver June 17 Webinar

FOR IMMEDIATE RELEASE

Contact:
Temren Wroge
202-738-3523
Temren.Wroge@sba.gov

NWBC PARTNERS WITH THE ASSOCIATION OF WOMEN’S BUSINESS CENTERS TO DELIVER JUNE 17 WEBINAR

Washington, D.C. – (June 15, 2020)The National Women’s Business Council (NWBC) is partnering with the Association of Women’s Business Centers (AWBC) for a webinar on financial literacy.

The webinar will take place Wednesday, June 17, 2020 from 12:00 PM – 1:00 PM EDT.

It will include an in-depth conversation with Bonnie Nawara, NWBC Council Member and CEO of Grand Rapids Opportunities for Women (GROW); Klassi Duncan, Director of Women Business Resource Center, Urban League of Louisiana; and David Ramos, Community Affairs Specialist for the Federal Deposit Insurance Corporation (FDIC).

“This is a critical time to help underserved entrepreneurs prepare for recovery by taking full advantage of free and tested financial literacy resources,” said Liz Sara, Chair, NWBC. “As women business owners and entrepreneurs across the country adjust to the new normal, it is paramount that they are better prepared to access the funding they need to not only save their business, but also ultimately grow it.”

They will discuss the importance of the ‘Money Smart for Small Business’ program and curriculum—a collaborative business development initiative between SBA and FDIC. The participants will also examine how to leverage the curriculum, and other federal resources, to help eliminate disparities in underserved communities and build generational wealth.

“Women’s Business Centers understand the necessity of financial literacy for women business owners to be successful, and the network of 150+ locations nationwide offer a variety of programs to suit their client and community needs,” said AWBC CEO Corinne Hodges. “The Money Smart program is used by many Women’s Business Centers and provides a solid foundation for what women need in life and in business.”

This conversation will also feature remarks from Allen Gutierrez, Associate Administrator of the Office of Entrepreneurial Development at the U.S. Small Business Administration (SBA). He will provide key insights on SBA’s efforts surrounding financial literacy and education and its importance in the small business community.

NWBC’s #WebinarWednesday is a monthly, multi-series webinar that serves as a platform for women entrepreneurs and business owners to connect them to key advocates, experts, and useful resources that can help bolster their knowledge and skills and elevate their entrepreneurial potential. At NWBC, we will continue to prioritize this challenge and strive to make inroads for women-owned businesses in starting and growing their business. The Council regularly convenes women business owners and entrepreneurs from across the country to connect their voices to policymakers in Washington, D.C.


About National Women’s Business Council

The National Women’s Business Council (NWBC) is a non-partisan federal advisory committee created to serve as an independent source of advice and policy recommendations to the President, Congress, and the U.S. Small Business Administration on economic issues of importance to women business owners. To learn more, please visit: www.NWBC.gov

About The Association of Women Business Centers

AWBC is a national non-profit 501(c)(3) organization founded in 1998.  The AWBC works to secure economic justice and entrepreneurial opportunities for women by supporting and sustaining a national network of over 100 Women’s Business Centers (WBCs). WBCs help women succeed in business by providing training, mentoring, business development and financing opportunities to over 150,000 women entrepreneurs each year.

ByNWBC Council

Women struggle to keep businesses afloat during the pandemic

Women struggle to keep businesses afloat during the pandemic

“Something like $1.8 million in loans have been given out for amounts of $50,000 or under,” says Sara. “From what we know about the nature of these businesses, we can project and assume a lot of those smaller loans did go to women-owned businesses.”

ByNWBC Council

NWBC Council Member Nicole Cober on Cheddar TV

Creating change and Promoting Diversity in the Workplace

ByNWBC Council

NWBC Council Member Susan Duffy Featured in MassMutual

COVID-19: Women face a bigger financial challenge

“Historically, we’ve heard recessions referred to as ‘mancessions’ because they generally involved higher losses in manufacturing and construction, which still employ more men,” said Susan Duffy, executive director of the Center for Women’s Entrepreneurial Leadership at Babson College, who sits on the bipartisan National Women’s Business Council. “It’s very different this time around.”

ByNWBC Council

NWBC & US Small Business Administrator Jovita Carranza Release Joint Statement

FOR IMMEDIATE RELEASE

Contact:
Temren Wroge
202-738-3523
Temren.Wroge@sba.gov

NWBC & U.S. SMALL BUSINESS ADMINISTRATOR JOVITA CARRANZA RELEASE JOINT STATEMENT

Amid the coronavirus pandemic, the National Women’s Business Council (NWBC) remains focused on carrying out its critical mission of advocating for the nation’s 13 million women-owned businesses. The Council recognizes the ongoing commitment of the U.S. Small Business Administration (SBA) in ensuring women business owners have access to opportunities to start and grow their business, and in times of crisis, to keep their business afloat. Smaller, community lenders have undoubtedly been at the forefront of providing business owners with the capital they need to keep their employees on payroll and sustain overhead costs.

For that reason, NWBC recently hosted a webinar titled ‘Community Lending Key to Main Street Recovery: Resources and Lessons Learned for Female Founders.’ The webinar included guest speakers Jill Castilla, President and CEO of Citizens Bank of Edmond in Oklahoma and NWBC Council Member Jessica Flynn, Founder & CEO of Red Sky, a strategic communications firm in Boise, Idaho.

Jessica shared her experience successfully applying for the Payroll Protection Program (PPP) through a community bank in Idaho. As a result, she was able to continue operations and keep her 10 employees on payroll during the pandemic.  

Jill shared how she is leading the way in community lending, processing 450 PPP loans that supported local small businesses. Her commitment to breaking down barriers for women and minority small business owners has improved their ability to access capital and provided a model for other community lenders around the country.

“Saving small businesses and the jobs they support is my top priority as SBA Administrator. In the seven weeks after launching the PPP, we’ve rolled out over half a trillion in forgivable loans to more than 4.4 million small businesses and nonprofits,” said Administrator Jovita Carranza. “I remain committed to helping every small business owner – especially our minority-owned, women-owned, veteran-owned and other entrepreneurs serving disadvantaged communities – not just survive this difficult time, but make it out the other side stronger and ready to expand.”

 “Women-owned businesses are truly the engine driving our national economy and small banks and community lenders are the lifelines they need to stay afloat during this pandemic,” said NWBC Chair Liz Sara. “We are encouraged that the SBA has prioritized smaller lenders in its implementation of the second round of CARES Act funding and look forward to working with them to continue to broaden the pool of capital access options for women.”

“Community banks are outperforming all other financial institutions in helping women-owned and minority-owned small businesses access resources to keep their doors open and be prepared for the return of the American economy,” said Jill Castilla, president and CEO of Citizens Bank of Edmond. “It is critical for our institutions to reach out to underserved communities and to stand in the gap as accessible and knowledge partners in pursuing these critical SBA resources.”

NWBC and SBA remain committed to working together to ensure that women-owned businesses continue to have increased opportunities to access capital, particularly as they navigate this pandemic. Keeping women-owned enterprises open for business is our shared priority.

About SBA: Created in 1953, the U.S. Small Business Administration (SBA) continues to help small business owners and entrepreneurs pursue the American dream. The SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.

About NWBC: The National Women’s Business Council (NWBC), is an independent, non-partisan federal advisory committee established to provide advice and policy recommendations to the President, Congress, and the Administrator of the SBA.

ByNWBC Council

NWBC Shares Recent ABS Data on Women-Owned Businesses

FOR IMMEDIATE RELEASE

Contact:
Temren Wroge
202-738-3523
Temren.Wroge@sba.gov

The U.S. Census Bureau today released new statistics from the 2018 Annual Business Survey (ABS). Since its founding in 1988, the NWBC has depended on data collection from the U.S. Census Bureau to fulfill its statutory obligation and mission. The Council must, in relevant part, promote and assist in the development of a women’s business census and other surveys of women-owned businesses. We are thrilled to share the most recent findings relating to women-owned employer firms.

Estimates show that in 2017 1.1 million employer firms were owned by women. The sectors with the most women-owned businesses included the health care and social assistance industry with 16.9% (192,159), professional, scientific, and technical services with 16.4% (185,649), and the retail trade industry with 11.7% (132,894).

 Please click HERE to view the complete release. 

ABS data accounts for only 10% of women-owned firms in the U.S., as the overwhelming majority are nonemployer businesses (those without employees). NWBC continues to highlight the need for timelier, reliable data collection efforts that ensure every woman-owned business in America is counted. We look forward to the completion of the Nonemployer Statistics by Demographics (NES-D) product, which will provide a more holistic look at the landscape of women’s business enterprise.

ICYMI – In April, we announced that the National Women’s Business Council (NWBC) is a 2020 Census!


ByNWBC Council

National Small Business Week Postponed

For over 50 years, National Small Business Week has highlighted thriving small businesses and encouraged communities around the country to support local enterprises. This year, National Small Business Week has been postponed. Amidst the coronavirus pandemic, women business owners have been forced to adapt rapidly to new realities and market demands. In the spirit of American innovation, women-owned small businesses are taking steps to adjust to new societal norms and continue to provide essential services and products – with an eye towards ecommerce and inventive approaches to marketing and funding their enterprises.

Women-owned businesses comprise 42% of all small businesses. The approximately 13 million women business owners in the U.S. have demonstrated great resiliency and a keen ability to adapt to our current “new normal” by providing products via ecommerce, leveraging digital marketing, and looking to alternative sources of funding.

With the recent, substantial shift toward online purchasing, the World Trade Organization delved into the impact that the pandemic has had on ecommerce. The analysis noted that ecommerce can benefit small businesses and make economies more competitive. Women are particularly equipped to pivot to online platforms and resources and fill commerce voids. Etsy’s 2019 report, Celebrating Creative Entrepreneurship Across the Globe, notes that of the 2.1 million Etsy active sellers, 87% are women. Online marketplaces like Etsy and Anytown USA are great platforms for business owners and entrepreneurs to reach consumers. Home-based solopreneurs in rural communities also rely heavily on digital platforms to expand their market reach and boost sales. They are leading the charge in keeping the economy strong under social distancing measures and online purchasing is a safe way to support women-owned businesses during the stay-at-home-order.

Social media is another great way to acknowledge and support small businesses. The lockdown has produced an uptick in social media engagement and activity, along with advertising that goes along with it. With more people online and scrolling through social media platforms, we have great opportunities to share and highlight small businesses across the country. Women entrepreneurs have certainly tapped into the benefits of social media to build awareness and raise capital.

According to the NWBC report, Crowdfunding as a Capital Source for Women Entrepreneurs, there is a positive association between social media engagement and success in crowdfunding. Storytelling through social media is an effective way for women to promote their businesses and connect to potential customers or clients. Sharing their stories with other networks can be very beneficial to small business owners and provides another outlet for them to reach consumers.

Despite the impact COVID-19 has had on our economy, women business owners and entrepreneurs continue to work diligently to provide for America’s consumers and innovate in newly-discovered fashions. Even as we transition back to our pre-pandemic way of life, women will have contributed and devised new means to do business.