It was recently announced that the federal government, or the Small Business Administration to be more precise, finalized the Women Procurement Program Rule. The purpose of this program isn’t to hand out government contracts to female-owned small businesses but to give them a greater opportunity to earn these contracts.. If you are an entrepreneur in a business that is predominantly owned by females, this is great news for you.
Government contracts are typically known to be very lucrative, and the Women Procurement Program Rule applies to an astounding 83 industries where women are known to be under-represented. As a small business entrepreneur yourself, you know that women in small business are innovative and hard-working, but that old adage of “it’s a man’s world” continues to live on in the small business environment. Tearing down that wall has been a daily challenge for women in small business as well as a goal for the Small Business Administration. This Women Procurement Program Rule takes a big step forward in tearing down the wall and allowing women like you to compete head-on with male-owned companies.
Some women in small business are torn about what they may feel are handouts. After all, women don’t want pity but simply the fact to prosper and thrive through hard work and innovation. This Rule, isn’t about pity, but rather levels the playing field to allow women-owned businesses to compete with male-owned businesses. This is a small step in a world where women-owned businesses receive under 4% of government contracts, as the SBA’s intent through this rule is only to increase that percentage to just over 5%. However, when you are a business owner struggling to get your company off the ground and take it to the next level, this extra boost from the SBA is just what many women’s businesses need.