The U.S. Small Business Association is taking steps to close gaps and provide women-owned businesses with greater opportunities.
The association announced it updated the NAICS list of businesses eligible for the Women-Owned Small Business federal contracting program effective immediately.
The SBA added more than 300 industries to the list, which now identifies nearly 800 NAICS industries.
New additions include electronic computer manufacturing, home healthcare services, and air transportation support.
The updated list will support agencies in allocating “set-asides” for women-owned small businesses and economically disadvantaged businesses across more industries.
History of Disproportion
The change is a result of an SBA-commissioned study which found women-owned businesses are underrepresented in the federal marketplace.
“This new rule expanding the WOSB Program will help more women seize potentially hundreds of millions of dollars more in federal procurement opportunities across 92% of all federal small-business contract spending,” SBA administrator Isabella Casillas Guzman said.
More than 4,800 women-owned businesses have been certified by the SBA for the Women-Owned Small Business federal contracting program since it began.
The federal government awarded $27.14 billion in contracts to women-owned small businesses during the 2020 fiscal year.