The U.S. Small Business Administration (SBA) will allocate $30 million towards Women’s Business Centers (WBCs) to support various projects including the establishment of a new WBC in the U.S. Virgin Islands. Organizations can apply to receive up to $150,000.
This fund allocation is for fostering the growth and development of women-owned businesses throughout the U.S, especially underserved areas. The establishment of a new WBC in the U.S. Virgin Islands is hoped to provide essential resources and support to inspire women entrepreneurs in the area.
To qualify for this funding, organizations have to present a plan focused on improving and elevating the status of women in business. The grant of up to $150,000 can be utilized for start-ups, business expansion, training programs and operational costs.
The SBA plans to promote equity and diversity in the business sector through this initiative. By investing in women’s entrepreneurial growth, it aims to create a ripple effect of positive change and economic progress.
There are 152 land-based Women’s Business Centers across 50 states, including Puerto Rico.
SBA’s $30M allocation for Women’s Business Centers
The SBA has expanded eligibility to organizations that provide virtual counselling and training to women-run small businesses nationally. This move presents a wider opportunity to support women entrepreneurs nationwide.
The expansion of eligibility considers the trend of digital communication and recognizes the need for virtual counseling and training. It’s expected more online service providers for women-led small businesses will utilize this funding.
The $30 million grant funding is divided into four categories: support for women entrepreneurs in government contracting, aid for women-run small businesses particularly in child care, support for entrepreneurial development services for women’s in areas not currently served by existing centers, and funding for resources required to set up a center in the U.S. Virgin Islands.
Christina Hale, deputy administrator for the SBA’s Office of Women’s Business Ownership stressed the importance of these grants. Each new WBC can help women entrepreneurs access training and practical assistance to establish and grow their businesses. Hale further addressed that these grants can also foster job creation and community development.
The SBA’s Office of Women’s Business Ownership encourages interested organizations to inquire about these grants, offering comprehensive training and counseling services. The Office also hosts workshops and webinars, enabling women entrepreneurs to build capacity and hone necessary economic skills.
