I frequent the Comfort Café often these days. And I was there the other morning when Suzie brought in her daily delivery of muffins and pies from Aunt Sadie’s Bakery. Suzie took over the bakery from her aunt Sadie a couple of years ago, and she now has five employees and delivers all over town.
As we all know, there are many “Aunt Sadie” stories across America. As it happens, I remember when Sadie started her bakery from her kitchen, when there were fewer than 500,000 women-owned businesses in the U.S.1
I’m big on “Did you know … ?“ So did you know that until 1988, a woman needed a male relative to co-sign her application for a business loan? Thanks to the Women’s Business Ownership Act that same year, SBA’s access to capital was increased, providing financial assistance to organizations geared toward women-owned small businesses.1
We do know … that today there are more than 14 million women-owned businesses, generating $2.7 trillion in annual sales revenue. And counting. 2
All the more reason to celebrate National Women’s Small Business Month throughout October. All the more reason that each year SBA honors the achievements of women entrepreneurs, many of whom had the grit to quit their day jobs and go out on their own with a few dollars and a dream. What do women business owners need most? More dollars. They also need networking, opportunities to connect with other business owners, which can stimulate ideas and possibly lead to business partnerships, collaborations and referrals.
SBA lenders can help with the dollars. And the dreams. A few suggestions: Mine your account holders for women business owners. Host a networking event in your offices, a branch, or a local woman-owned business. In any number of ways, you can keep your name in the game and raise awareness of SBA”s Resources for Women-Owned Businesses. Use social media. Put an article in your newsletter and announce National Women’s Small Business Month on your website. I came across one such website today. Quite by chance.
National Women’s Small Business Month gives you a chance to open the doors of opportunity to local women small business owners. Help them start up. Help keep them going. It’s good for their businesses — and yours.
Richard Jeffrey
Senior Associate
richard@jrbrunoassoc.com
www.jrbrunoassoc.com
1 U.S. Small Business Administration
2 National Association of Women Business Owners (NAWBO)