Fed Bill Helps Women-Owned Biz SUBSCRIBE TO THE Times Newsweekly Established in 1908 as Ridgewood Times Serving All Queens And Brooklyn + BEST Community Coverage + LARGEST Classified Pages + MORE Local Features & Columns FOR ONLY $2500 A YEAR You Can Get The Times Newsweekly Mailed To Your Home For 52 Weeks ($30.00 Outside Queens & Brooklyn) FILL IN COUPON AND MAIL WITH CHECK NAME__________________________________________ ADDRESS______________________________________ _______________________________________________ CITY___________________________ ZIP_____________ PHONE_____________________________________________ _(circle one) NEW SUBSCRIPTION RENEWAL WE ACCEPT ALL MAJOR CREDIT CARDS CALL 1-718-821-7500 Times Newsweekly P.O. Box 860299, Ridgewood, N.Y. 11386-0299 federal contracts as all other businesses do.” “Women already struggle for equal pay, they deserve a fair opportunity when seeking federal contracts. When our mothers, wives and daughters succeed, we all do,” Stavisky said. “Equal opportunity for women entrepreneurs is crucial to maintaining small businesses and the growth of our economy,” said Rozic. “With more women entering the workforce and often becoming the primary source of income, we must provide them with the resources they need to ensure success. This legislation would improve the lives of Queens women who own small businesses and encourage young women to start businesses of their own.” “We applaud Senator Gillibrand and Congresswoman Meng for helping women owned businesses in our community so that they receive essential resources for their businesses to succeed,” said LaGuardia Community College President Dr. Gail Mellow. “With this legislation, women entrepreneurs will have additional opportunities for their businesses to grow and secure government contracts.” According to a recent report, 8.6 million small businesses are owned by women, with an estimated economic impact of $3 trillion and supporting 23 million jobs nationwide. In the New York City metropolitan area alone, an estimated 670,000 businesses are owned by women—more than a 30 percent increase since 1997—but city women-owned small businesses secured only 1.48 percent of federal contract dollars through city firms, according to the Women Impacting Public Policy (WIPP). Currently, there are nearly 350 women-owned businesses citywide, including dozens of Queens small businesses, who are certified under SBA’s WOSB Federal Contract Program. Launched in 2011, the program is restricted by the type and size of contracts awarded. For example, it lacks access to solesource contracts and represents only a small share of federal contracts. The Women’s Small Business Procurement Parity Act would expand more opportunities for WOSBs by providing women-owned businesses access to sole-source contracts. Removing the sole-source authority restriction on the WOSB procurement program would allow hundreds of city women-owned businesses to become eligible for contracts when federal agencies need urgent action and consider just one company for a job. Currently, all other major small business contracting programs, such as for minority owned businesses, businesses in underserved communities, and the service disabled veterans program, have solesource authority with the only exception being the WOSB procurement program. This legislation would help level the playing field for women small business owners. Gillibrand’s legislation would also expedite an important study that identifies specific industries where women are underrepresented to shed light on why the 5 percent benchmark has never been achieved. Last year, only 4.3 percent of federal contracts were awarded to WOSBs, which is the closest the federal government has come to reaching its existing goal, according to the Small Business Administration (SBA). Nationwide, failure to meet this goal costs women-owned businesses nearly $5.7 billion in government contracts each year, according to a recent Congressional report. The proposal, which has the support of multiple national women’s business and small business organizations, is part of a larger comprehensive measure called the Women’s Small Business Ownership Act of 2014, which would expand SBA micro-loan and intermediary lending programs to reach more women borrowers and bolster counseling and business training for women entrepreneurs, particularly in underserved areas. -CONTINUED FROM PG. 19- 57 • TIMES, THURSDAY, AUGUST 21, 2014
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