COMMENTARY: SBA supports women-owned businesses

March 25, 2023  |  By Mike Vlacich

During Women’s History Month, we have the opportunity to recognize the profound impact women make in every facet of our lives, community, and history. Specifically, the acknowledgment of both the successes and systemic challenges women face in the workforce and participation in our economy as owners and leaders within the small business ecosystem.

As Regional Administrator for the U.S. Small Business Administration, I witness innovation, job creation, and support of communities by women-led small businesses across all industry sectors throughout New England and pledge our continued support.

With over 12 million women-owned businesses across the country, women entrepreneurs are among the fastest-growing groups. According to the latest available data from the National Women’s Business Council, women-owned employer firms grew more than three times the rate of their men-owned counterparts between 2012 and 2019.

New businesses led by women entrepreneurs are outpacing men as well locally. The Vermont Commission on Women conducted a study that found the number of women-owned businesses grew 15% from 2007 to 2011 whereas male-owned businesses grew by only 6% during the same period. Today women-owned business account for 32% of the businesses in Vermont and generate approximately $2.2 billion in revenue annually. 
As President Biden stated in his State of the Union: “America is in a small business boom.” This acknowledgment is attributable to the significant investment made by the Biden-Harris Administration and congressional leadership which prioritized growing our economy and resulted in job growth exceeding that of jobs lost in the pandemic. Over the past two years, America has had a record-breaking 10.5 million people apply to start businesses nationally and 332,000 across New England. Indeed, building on more than $450 billion delivered to small businesses, the SBA continues to meet the challenges and needs of small businesses wherever they are by tackling barriers to obtaining capital and opening doors to opportunities.
Currently, small businesses have growth opportunities with historic investments in the Infrastructure Investment and Jobs Act, Inflation Reduction Act, the CHIPS and Science Act, and other legislation that can achieve the President’s goal of building an economy from the bottom up and middle out. 

Furthermore, it is important to acknowledge what every woman knows and experiences – women still regularly face challenges and inequalities. And the path as a woman entrepreneur is not an easy one. The pandemic disproportionately impacted several communities, with women being no exception. The Small Business Administration recognizes these challenges, and promoting solutions is at the heart of its mission.   

Specifically, the SBA works to expand government contracting opportunities through our Women-Owned Small Business certification program. Our extensive resource partner network including the Women’s Business Center here in Vermont, the Center for Women & Enterprise, supports women who see small business ownership as a pathway to economic independence. And those are just two examples of SBA’s dedication to expanding entrepreneurship for all.
SBA continues to ignite the American dream which includes being a partner to women business owners, assisting them in accessing capital, securing government contracting opportunities, finding new markets to expand into exporting, and finding valuable business counseling, training, and mentoring.
We celebrate the successes of women during Women’s History Month and pledge to assist women entrepreneurs at every stage of business ownership – today, tomorrow, and for generations to come.
 

Mike Vlacich is the New England Regional Administrator of the U.S. Small Business Administration overseeing agency activities in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. A first-generation American and the first in his family to attend college, Vlacich graduated from the University of New Hampshire in 1995. He lives in Concord, New Hampshire, with his wife and two daughters.