Projections say upward of 25% to 50% of small businesses are at risk to close within the next year. The SBA is providing relief through a new award opportunity to U.S. Women Business Centers (WBCs) across the United States. Recently, SBA announced an award of $420,000 to the NIIC WEOC (Women’s Entrepreneurial Opportunity Center) to expand service offerings for small businesses during COVID-19.
During COVID-19, all WBCs have met weekly with the SBA to discuss and assess small business owners’ needs. Leslee Hill, WEOC Director, stated, “It has been heartbreaking to hear stories from our local business owners and highly affected areas. WBCs are stepping up to help meet needs across the country. Small business ownership is not for the faint of heart. Small business owners’ innate grit and scrappiness will help them persevere. Current business conditions have gotten many of them down but will not keep them down. I am in awe watching the support they give each other and seeing them pivoting to allow the masses to support them through their biggest time of need.”
Congress and the SBA acted swiftly to address small business needs during COVID-19. “We appreciate their leadership to marshal financial resources to enable WBCs to provide a cadre of value-added services and support to our most vulnerable small businesses in Indiana. This grant will allow us to offer targeted reset and reimagination services to meet small businesses where they need us most. Capital access, innovation services, and addressing critical supply chain gaps and dislocations,” said Hill.
Funding enables the launch of a new 12-month program called EmPWR (Equity & Prosperity for Women Reimagining Their Businesses). EmPWR will extend resources to provide education, training, and business advising to small businesses who have experienced supply chain disruptions, staffing challenges, a decrease in gross receipts, a decline in customers, or a closure as a result of COVID-19. EmPWR services will be available to 83 counties in Indiana. Visit theniic.org/empowr/ for program details.
“What we have seen with the emergence of COVID-19 is Indiana small business challenges fall into two categories: near term and longer-term,” said Karl R. LaPan, President & CEO, The NIIC. He explained as the initial shock of the pandemic wears off, small businesses need to reset. “They need to redefine their new normal and focus on liquidity and cash flow. This will improve their chances of survivability. Longer-term, they need to reimagine how to address major business issues, customer acquisition gaps, logistics issues, new solutions, new methods of working, and reinventing themselves.”
Stacey Poynter, SBA Indiana District Director, said, “Since 1953, the mission of the SBA has been to help small businesses start, grow, expand, and recover. We are honored to fund initiatives through our resource partners like WEOC at The NIIC that will help entrepreneurs get back on track by reimagining and building their businesses for the future.”
The NIIC is recruiting dedicated staff for the EmPWR Program, including a project manager and a community outreach coordinator. These are all part-time positions for the twelve-month duration of the program. These individuals will focus on accessibility, partnerships, and reducing friction for EmPWR participants as they build their businesses. Visit theniic.org/about/careers/ for more information and to apply.
