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"Women in Business" Presentation with Erin Andrew, SBA
- 1. Helping Women-Owned and Women-Led Entrepreneurs Start and Grow America‟s Businesses Business Forward Webinar February 6, 2014
- 2. SBA Overview: General Programs SBA‟s mission is to help U.S. small businesses start, grow, and suc - Capital - $90B portfolio of loan guarantees through 5,000 lenders $2.6B in growth capital via Small Business Investment Companies (SBIC) Counseling - Ensuring 23% of federal contracts go to small firms - $100B annually - Contracting Free counseling to 1million entrepreneurs per year - 78 field and regional offices; 1,000 Small Business Development Centers; 106 Women‟s Business Centers; 12,000 SCORE volunteers
- 3. Counseling Services Counseling SBA‟s vast bone-structure reaches all U.S. small businesses Legend SBA Footprint SBA District Offices (68) * Small Business Development Centers (938) SCORE Centers (356) Microlenders (199) Women’s Business Centers (110) U.S. Export Assistance Centers (19) Veterans Business Outreach Centers (16) Region 1 Region 2 Region 3 Region 4 Region 5 Region 6 Region 7 Region 8 Region 9 Region 10
- 4. OWBO Overview: SBA Accomplishments for Women • The goal of SBA‟s Office of Women‟s Business Ownership (OWBO) is to help increase the number of women entrepreneurs starting and growing businesses by working with SBA program offices and external organizations • Over the course of the last few years SBA has: 1. Increased women‟s access to capital 2. Helped more women get into the federal contracting space 3. Supported women in getting the skills they need to start and grow their business 4. Supported women veterans as they start and grow businesses 5. Helped female encore entrepreneurs start and grow their businesses
- 5. SBA Overview: General Programs 1. Increasing Women’s Access to Capital - - 2. Helping More Women Get Into Federal Contracting - - SBA made $17.2B available through 57,831 SBA loans to women-owned businesses between January 2009December 2013 In CY2013, SBA made $3.8B in capital available to women, a 31% increase since 2009 In FY2012, SBA made 22.25% of the 23% goal or $89.9B in federal small business eligible contracting dollars going to small businesses compared to 21.65 in FY2011. The NDAA of 2013 removed the caps on contracts that were eligible for the Women Owned Small Business Contracting Program, enabling contracting officers to set-aside contracts of higher dollar amounts. SBA in partnership with WIPP and AmEx Open created the ChallengeHER campaign.
- 6. SBA Overview: General Programs - 3. Counseling Women to Help them Start and Grow Businesses 4. Supporting Women Veterans as They Start and Grow Businesses - - - SBA‟s Women‟s Business Centers (WBCs) represent a national network of over 100 have counseled and trained more than 270,000 entrepreneurs in FY2012 and 2013. All of SBA‟s resource partners, including WBCs, Small Business Development Centers and SCORE chapters have counseled and trained over 850,000 in FY2012 and 2013. SBA made several investments in women veterans in FY2012 and 2013 by launching Boots to Business: from Service to Startup, training over 1,300 women. We also completed six V-WISE programs in cities across the country, serving almost 1,000 female veterans and military spouses.
- 7. SBA Overview: General Programs 5. Helping Female Encore Entrepreneurs Start and Grow Businesses - SBA and AARP entered into a partnership to counsel, train and engage over 100,000 new and existing encore entrepreneurs and give them the tools they need to start, grow and succeed in 2013. • SBA continues to identify opportunities to support women-owned and women-led entrepreneurs as they start and grow America’s businesses • OWBO works closely with the National Women’s Business Council to identify opportunities to better serve women by utilizing research and recommendations the Council provides to SBA, the White House and Congress every year.
- 8. NWBC Overview: General Mission and Annual Report The NWBC: • Conducts research on issues important to women business owners and their organizations • Makes pivotal policy recommendations to the President, Congress, and the SBA to increase economic gains for women entrepreneurs • Provides a platform to expand and improve opportunities for women business owners and their enterprises 8
- 9. NWBC „s Recommendations: Access to Capital $ • Increase lending efforts by credit unions and community banks to women-owned businesses $ • Increase resources available to women business owners on capital/financing strategies $ 2/11/2014 • Address creditworthiness and capital challenges for startups through exploration of new ways of credit scoring and promotion of crowdfunding www.nwbc.gov 9
- 10. NWBC „s Recommendations: Access to Markets Identify and promote concrete best practices in government procurement Identify industries and links in supply chains that are ripe for entry of women-owned businesses More women supplying products and services in the federal marketplace and in corporate supply chains will result in more competition, choice, and quality in the marketplace. 10
- 11. NWBC „s Recommendations: Job Creation and Growth Impact Scale Innovate Increase participation of women-owned businesses in incubators and accelerators Develop a targeted strategy for participation of women-owned businesses in all government program areas 11
- 12. NWBC „s Recommendations: Data Consumer Financial Protection Bureau • NWBC Recommendation: The Consumer Financial Protection Bureau (CFPB) to begin collection of data on demand for credit Census Bureau • NWBC Recommendation: The Census Bureau to implement an annual Survey of Business Owners 2/11/2014 www.nwbc.gov 12
- 13. The Affordable Care Act: Opportunities for Women Before ACA, Small Employers Faced Many Obstacles to Covering Workers • Too few choices Today, under ACA, insurance companies: • Higher premiums and unpredictable rate increases • Can‟t charge higher rates or deny coverage because of a chronic or pre-existing condition • Higher rates for groups with women, older workers & those with chronic health concerns or high-cost illnesses, in most states • Cannot charge higher rates for women, and face limits on charging additional premiums for older employees • Waiting periods or no coverage for individuals with Pre-Existing Condition • Cannot annual dollar limits on coverage • Face limits on administrative spending. • Must disclose and justify proposed rate hikes of 10% or more • Must pool risks across small groups creating larger pools like large businesses • Must offer plans that provide a core package of “Essential Health Benefits” 13
- 14. The Affordable Care Act: Small Businesses and Individuals Individuals/Self Employed Small Business (<50 FTEs) Larger Businesses (≥50 FTEs) • Must have coverage by April 1st to avoid penalty (sign up by March 15th) or qualify for exemption • Individual Marketplace open enrollment through March 31st • May qualify for tax credit • May qualify for Small Business Healthcare Tax Credit • SHOP Marketplace • Starting in 2015 must offer coverage to fulltime employees or possibly pay penalty • Starting in 2015 must report healthcare coverage data for employees to IRS
- 15. SBA‟s Women‟s Agenda: Connecting with NWBC‟s Recommendations Women Entrepreneurs (WE) Power America Access to Capital Access to Markets • Help increase • Continue to loans to participate in women, especially WEChallengeHER high-dollar loans Campaign • Enhance outreach • Identify private opportunities with sector supply banks chain opportunities Job Creation and Growth Data • Participate in conversations with other agencies on data re: women entrepreneurs • Identify opportunities to help women focus • Identify opportunities to on growth-oriented highlight data in strategies ($5M SBA programs intensive entrepreneurship education) • Focus on increasing the number of women starting businesses in STEM fields
- 16. Opportunities for Engagement: Public/Private Sector Partnership • Do you have existing programs focused on women entrepreneurs that we could help support or partner with you on? • Do you have ideas for existing gaps in the women’s entrepreneurship space where SBA or NWBC could support efforts? • Other questions?
- 17. Resources Website: www.sba.gov Facebook: http://www.facebook.com/SBAgov Twitter: http://www.twitter.com/sbagov Youtube: http://www.youtube.com/sba NWBC: www.nwbc.gov Women’s Business Centers: www.sba.gov/women
Editor's Notes
- Increasing Women’s Access to Capital. Small Business Administration (SBA) lending was expanded, making $17.2 billion available through 57,831 SBA loans to women-owned businesses between January 2009 and December 2013. In CY 2013 alone, SBA made $3.8 billion in capital available to women, a 31% increase since 2009 in all three portfolios including 7a, microloans, and 504. SBA has improved policies around underwriting loans for $350K and below, which will encourage the number of loans to WOBs to increase. Helping More Women Get into the Federal Contracting Space.In FY 2012, SBA made progress toward the 23 percent goal, with 22.25 percent or $89.9 billion in federal small business eligible contracting dollars going to small businesses compared to 21.65 percent in FY 2011. In FY 2012, the federal government continued awarding contracts to Woman Owned Small Businesses (WOSBs), with 4.00 percent or $16.2 billion of federal small business eligible contracting dollars going to WOSBs. This represents a slight percentage increase from FY11's achievement of 3.98 percent. To help increase women's participation in the federal contracting space, the SBA implemented the Woman-Owned Small Business (WOSB) Federal Contract Program in 2011, allowing contracting officers to set-aside contracts limited to competition amongst WOSBs. The National Defense Authorization Act of 2013 removed the caps on the contracts that were eligible for this program and in 2013 SBA worked quickly to implement the cap removal, which has enabled contracting officers to set-aside contracts of higher dollar amounts. This change will allow bigger steps to be taken by the acquisition community toward the 5 percent goal. To further support women in the federal contracting space, SBA in partnership with Women Impacting Public Policy (WIPP) and American Express OPEN created the ChallengeHER campaign in 2013. The goal of this initiative is to increase awareness of federal opportunities available to WOSBs, as well as increase registration in both the System for Award Management (SAM) and the WOSB Program Repository. In FY 2013, ChallengeHER events were held at sister agencies such as the Departments of Energy and Health and Human Services, and at SBA 4 district offices. Over 1100 people attended FY13 ChallengeHER events, and over 3000 people engaged with the initiative online.
- Getting Women the Skills They Need to Start and Grow Their Own Businesses. SBA’s Women’s Business Centers represent a national network of over 100 educational centers offering women comprehensive training and counseling to start and grow their own small businesses. These centers have trained and counseled more than 270,000 women in FY12 and 13, many of them in underserved and economically disadvantaged. In addition, all of SBA’s resource partners, including Women’s Business Centers, Small Business Development Centers, and SCORE chapters, counseled and trained over 850,000 women in FY12 and 13. Supporting Women Veterans as they Start and Grow Businesses. Although the overall veteran population is projected to decline over the next 30 years, the female veteran population is projected to increase from 2.2 million in 2010 to over 2.5 million in 2040, or about 16%. Business ownership is an extremely viable option for women veterans, who already have a multi-billion dollar impact on the economy based on the most recent data. As a result, it is important to support these women as they start and grow their businesses. To do this, in 2012 and 2013, SBA made several investments in women veterans. First, we launched the Boots to Business: from Service to Startup initiative, focused on providing America’s transition service members with entrepreneurship training. Women over-indexed in this initiative and represented 23% of total participants. In 2013, SBA provided intensive entrepreneurship training to over 1,300 women and plans to expand to even more women in 2014. In addition, SBA expanded on its V-WISE program, which was launched in 2011, to provide women veterans with intensive entrepreneurship training. In 2012 and 2013, SBA completed six V-WISE programs in cities across the country, serving almost 1,000 female veterans and military spouses. Each participant completed more than 30 hours of instruction through the online, residency and post-training phases. After the training, over half of the participants in the nascent or start-up phases, reported starting or continuing to grow their business within the first year. This is projected to increase to more than 70 percent within 3 years of the completion of the program.
- SBA and AARP are committed to providing Americans over the age of 50 with the real-world, actionable information they need to start and grow small businesses. In May 2012 SBA and AARP entered into a strategic alliance and established a goal to jointly counsel, train or mentor over 100,000 new and existing encore entrepreneurs and give them the tools they need to start, grow and succeed in 2013. As of December 2013, the program has provided small business training to 119,268 new and existing encore entrepreneurs and over half of them were women. The effort has also reached more than 50.2 million people through other joint awareness efforts including conferences, teletownhalls, social media outreach, and online educational content about entrepreneurship.
- The National Women’s Business Council (NWBC) was established in 1988 under H.R. 5050- Women's Business Ownership Act, the law most known for prohibiting gender-based discrimination against women seeking business loans. NWBC is as a non-partisan federal advisory council and independent source of advice and counsel to the President, Congress, and the U.S. Small Business Administration. Slide#2 NWBC Overview: The NWBC serves as a resource for data as it relates to broadening the pathways to success for women entrepreneurs. The NWBC is committed to researching cutting-edge issues, assimilating reliable data, and making pivotal policy recommendations to the President, Congress, and the Small Business Administration.Slide#3 NWBC Overview: The National Women’s Business Council recently released its FY2013 annual report on economic issues of importance to women business owners. Each year NWBC delivers its annual report along with policy recommendations to its stakeholders. The 2013 fiscal year annual report addresses 4 main areas to advance women entrepreneurs, including: Access to Capital, Access to Markets, Job Creation & Growth, and Data Collection.
- Numerous studies indicate women rely heavily on personal savings to start a business, a tendency that is associated with lower amounts of start-up capital. Access to capital trends could explain why male-owned businesses generally turn around higher revenues than female-owned businesses. Women’s economic impact is important; getting more capital in the hands of women entrepreneurs will grow the economy and increase economic gains for women business owners. The NWBC recommends 3 solutions to increasing women’s access to capital:Increase lending efforts by credit unions and community banks to women-owned businesses.Increase resources available to women business owners on capital/financing strategies.Address creditworthiness and capital challenges for startups through exploration of new ways of credit scoring and promotion of crowdfunding.As access to capital remains a critical focus for the women’s business community, the National Women’s Business Council will focus its 2014 research efforts on the issue of undercapitalization as an impediment to starting and growing a business.
- The National Women’s Business Council goal is to increase access of women-owned businesses into new markets and to increase market share in target markets. More women supplying products and services in the federal marketplace and in corporate supply chains will result in more competition, choice, and quality in the marketplace. The NWBC has identified 2 ways to promote increased access to markets for women entrepreneurs: Identify and promote concrete best practices in government procurement.Identify industries and links in supply chains that are ripe for entry of women-owned businesses.
- In 2014 NWBC plans to work with our partners in the SBA to implement strategic initiatives focusing on enhancing women’s participation in federal entrepreneurship programs in an effort to increase participation of women entrepreneurs in all program areas. The NWBC’s goal is to increase opportunities for women-owned businesses in high-growth sectors. Women are bringing great ideas to the market and show potential to scale, impact, and innovate. Increasing the participation of women entrepreneurs in programs designed to support the successful development of start-ups and established companies is key to scaling women-owned businesses. The NWBC encourages:Increasing participation of women-owned businesses in incubators and accelerators.Developing a targeted strategy for participation of women-owned businesses in all government program areas.
- Women’s economic impact is growing and we cannot count what we do not measure. The NWBC’s goal is to expand the amount of government data available on women-owned businesses. As the government’s only independent voice for women entrepreneurs, the NWBC’s intensive research provides key recommendations to advance women business owners. The NWBC’s 2014 research efforts will work to improve the availability and timeliness of government data on women-owned businesses, as well as seek to identify important and accurate data that is produced by the private and academic sectors. More reliable data will enable research that identifies key factors to help women business owners grow their businesses, create jobs, and gain access to capital and markets. Data collection is crucial to identifying and rectifying issues that prohibit women entrepreneurs from thriving. The NWBC recommends:The Consumer Financial Protection Bureau (CFPB) begin collection of data on demand for credit. The Census Bureau to implement an annual Survey of Business Owners.Armed with key research findings, the National Women’s Business Council continues to be a leading voice in advancing the agenda of women entrepreneurs and broadening the pathways to success for women business owners across America. For more insight on the National Women’s Business Council FY2013 annual report visit www.nwbc.gov
- Slide two: this slide indicates the three choices individuals have because of the affordable care act: they either have to have insurance, or qualify for an exemption, or pay a penalty when they file their taxes next year. Qualifying health insurance includes: employer sponsored insurance, medicare, medicaid, tricare, insurance purchased on the marketplace, etc. To qualify for an exemption a person must be able to prove it is unaffordable to them , or that it is against their religion, or that they got kicked off their insurance last year, etc. (There are a bunch of exemptions in the law and you don't need to go into all of them. If people ask questions refer them to the weekly webinars put on by the SBA at 2 pm EST on Thursdays.) The individual shared responsibility payment is 1% of your annual household income or $95 (whichever is GREATER) for the first year and continues to increase after that.
- This slide is just indicating the two major ways that businesses are helped to get access to affordable healthcare by the ACA: one is through tax credits and the other is through the new insurance marketplaces. The tax credits can be taken up front by individuals and self employed, and for small businesses with employees they take the credits at the end of the year when they file taxes. There are wage limitations for individuals (must have income between 100% and 400% of the Federal poverty line) and for small businesses the rules are that there must be no more than 24 FTEs, average employee wages of below 50K, and an employer minimum 50% premium contribution requirement to the employee's self only coverage, and must buy insurance through a SHOP certified plan. The two marketplaces: for individuals and self employed they purchase on the individual marketplace. Must sign up by March 15 to get coverage by April 1st. Open enrollment ends on march 31st.For businesses with employees they buy on the SHOP marketplace (Small Business Health Options Program). Limit on SHOP is that businesses can't have more than 50 FTEs. open enrollment year round.