Statement of Senator Barack Obama on Small Business Administration Rule on Women-Owned Small Businesses
U.S. Senator Barack Obama today released the following statement after the Small Business Administration announced its final rule concerning women-owned small business (WSOB):
"I am deeply disappointed by the SBA's final rule concerning women-owned small business (WOSB) contracting procedures and a new proposed rule on the industries eligible for WOSB contract assistance. These two decisions go against the very spirit and mandate of promoting equity in contracting opportunities.
"Small businesses are the engine for economic growth in Illinois and across the country. And I call on the SBA to implement a women's procurement program that will support the 5% goal for federal contracts awarded to women business enterprises. This program should also require contract monitoring and reporting by all agencies to ensure that this goal is being achieved through best practices currently utilized in the contract compliance monitoring and reporting industry.
"Achieving this goal of 5% of federal contracts going to women-owned businesses is an important first step. I am committed to providing technical assistance and other support to ensure that we eliminate the barriers that WOSBs continue to face and that the government benefits from the skills and resources of many more WOSBs."
According to 2008 statistics from the Center for Women's Business Research, women are majority (51% or more) owners of 29 percent of U.S. businesses. Nearly 10.1 million firms are 50% or more owned by women, employing 13 million people and generating $1.9 trillion