BY: SBA Mid-Atlantic Regional Administrator Michelle Christian

Women entrepreneurs make up a growing share of U.S. small business owners. The American Express 2018 State of Women-Owned Businesses report, which makes its projections based on data from the most recent U.S. Census Bureau Survey of Business Owners, estimates that they own 12.3 million companies in the U.S. – compare that to 1972 when there were only 402,000 women-owned businesses. Today, women employ more than 9.2 million people and generate $1.7 trillion in revenue. Last year, 1,821 women-owned businesses were launched every day. Despite these numbers, and while women make up more than 50 percent of the US population, only 29 percent are business owners.

During Women's History Month in March, the U.S. Small Business Administration salutes women entrepreneurs who take risks to pursue their passions and to whom setbacks are just steps to success. This month, we honor their spirit and determination, and every day we help them on their journeys. All small business owners need a helping hand once in a while, whether it’s advice, funding or encouragement from someone who has been there. That’s what SBA is all about – “Business” is our middle name after all.

The SBA’s Office of Women’s Business Ownership empowers female entrepreneurs through advocacy, outreach, education and support, as well as business training, access to capital, and marketing opportunities. Our network of 114 Women’s Business Centers provides training, coaching and mentoring to entrepreneurs in communities around the country. In Fiscal Year 2017, WBCs supported more than 150,000 women, resulting in tremendous revenue and job growth for the businesses they serve.

The SBA’s Office of Government Contracting and Business Development tracks the federal government’s goal to award 5 percent of its contracting dollars to women-owned small businesses. We train entrepreneurs to evaluate their readiness for contracting, register as a contractor, navigate federal rules, and qualify through small business set-asides. A total of $20.8 billion in prime government contracts were awarded to women-owned small businesses in 2017 alone – supporting more than 115,000 jobs.

One woman-owned small business benefitting from SBA programs like these is Westminster, Maryland’s Karen Barbour, President of The Barbour Group, LLC. Karen is a veteran of the surety bonding industry. Starting as an underwriter in 1985, she transitioned to entrepreneurship in 2002, working to break down surety bond barriers for minority- and women-owned construction firms. Barbour sought counseling from the Maryland Small Business Development Center to perfect her business plan and used SBA financing to grow her business. She attributes her 16-year track record of success to SBA programs and services she’s used to expand her business, including having recently graduated from the SBA’s Emerging Leaders program.

I am proud to be part of all that SBA does to promote women entrepreneurs like Karen. It is my goal to ensure women remain a vital part of our nation’s economic success. Kick off your small business success with a visit to www.sba.gov.