The U.S. Small Business Administration and the National Women’s Business Council have joined forces in an effort to increase the flow of money by and into small businesses run by women.
The overriding goal, according to a release, is to encourage greater participation by women on the financial and investing side of high-growth entrepreneurship.
“Developing a deeper pool of women investors and financiers is key toward expanding the marketplace of women-owned businesses,” said SBA administrator Maria Contreras-Sweet, in a release. “These roundtables, which will continue through 2015, are the first big steps we need to take together to make it possible for more women to invest in each other’s companies, while exponentially increasing the growth potential of these businesses.”
Both groups will hold a series of roundtable discussions around the country to develop policy recommendations. Over the past year, woman-owned businesses were approved for 341 loans totaling more than $163 million, according to Francisco Marrero of SBA’s South Florida district. That’s up over the previous year where 317 loans were approved for $133.8 million.
“While this is a good sign, we will try to do more to increase the flow of capital and resources to woman-owned businesses,” Marrero said, in a release. “This initiative is another example of SBA’s desire to help start and grow small business.”
During the next few months, the working groups of 20 will meet with investor and fund managers to discuss ways to increase the ranks of women investors, while developing strategies to encourage investment in companies run by women. The series will culminate with the unveiling of policy recommendations at an investor network meeting next May.
The National Women’s Business Council is a non-partisan federal advisory council serving as an independent source of advice and counsel to various national organizations and government agencies. For information on the group, visit NWBC.gov.
For more information about the Small Business Investment Companies initiative, visit SBA.gov/INV.
