The United States Small Business Administration (SBA) has released proposed new rules that will make it easier for small businesses owned by women to obtain federal contracts.
The new rules are part of President Barack Obama’s plan to help small businesses owned by minorities, women and veterans to flourish and succeed.
The rule recognizes 83 venues in which women are underrepresented and will give greater opportunities to women to acquire contracts in those areas. He proposes to do this by insuring that 5% of federal contracting dollars go to women-owned small businesses.
“Across the country, women are leading strong, innovative companies, and we know that securing federal contracts can be the opportunity that helps them take their businesses to the next level, expand their volume and create good paying jobs. This proposed rule is a step forward in helping ensure greater access for women-owned small businesses in the federal marketplace,” said Small Business Administration Karen Mills.
The new rule was approved by Congress in 2000 but in the years since, it has continuously been re-drafted. The Obama Administration has also drafted a new version of the rule encompassing all the changes so that it could be put into effect.
In order to qualify, a business must be 51% or more owned by women, small in accordance with SBA’s size standards, and economically disadvantaged to qualify for assistance through the new rule.
To post public comments about the new rule visit www.regulations.gov or for more information regarding the rule contact, ian.lorenzana@sba.gov. Interested individuals have 60 days from March 2 to post comments on the proposals.