Last year, the U.S. Small Business Administration announced that the federal government reached its goal of awarding 23% of contracts to small businesses for the first time in eight years. Of the $83.1 billion spent with small businesses, 4.32% was awarded to women-owned small businesses (WOSBs) – up from 4% in 2012 and 3.98% in 2011 – but still short of the 5% goal in place through the SBA’s Women-Owned Small Business (WOSB) Federal Contract program.
The journey to meeting the 5% goal for WOSBs has been a challenging one, but it has sparked the creation of programs and resources to help women business owners get their fair share of government business. One program that is helping women in the procurement arena is ChallengeHER – a joint initiative by the SBA, Women Impacting Public Policy (WIPP) and American Express OPEN. The program, created in 2013, gives WOSBs access to connections and resources to help them get a leg up in the federal marketplace. Read More.