It's official! Tea with Tae is now a certified Woman-Owned Small Business (WOSB) under the Small Business Administration. We submitted our application for this certification almost 1 year ago, but we've been patient, and now, it's finally here. This certification means so much to us and our team, as we are proudly women-owned and independent.
What is the Women-Owned Small Business (WOSB) program?
The WOSB program is a federal initiative designed to promote and support the growth of small businesses owned and operated by women (like Tea with Tae). This program is important for a number of reasons:
Economic growth and job creation: Small businesses are a major driver of economic growth and job creation in the United States. According to the Small Business Administration (SBA), small businesses account for 99.7% of all employer firms and employ 48% of the private sector workforce. By promoting and supporting the growth of small businesses owned and operated by women, the WOSB program helps to fuel economic growth and create new jobs.
Increasing diversity in business ownership: Women are underrepresented in business ownership, particularly in certain industries. According to the SBA, only 38% of small businesses are owned by women, and women-owned businesses receive less than 5% of all venture capital funding (WOW! 😲). The WOSB program aims to increase diversity in business ownership by providing women with the resources and support they need to start and grow successful businesses.
Closing the wage gap: Women often face barriers to success in the workplace, including discrimination and a lack of access to resources. As a result, women are paid less than men for the same work, and this wage gap is even more pronounced for women of color. By promoting and supporting women-owned businesses, the WOSB program helps to close the wage gap and create more opportunities for women to earn a fair wage.
Improving supplier diversity: Many companies, both large and small, are actively seeking to diversify their supplier base. By providing more opportunities for women-owned businesses to compete for government contracts and other business opportunities, the WOSB program helps to improve supplier diversity and create more equitable opportunities for all businesses. ... Maybe soon you'll see TWT in your local government buildings, who knows!
The Women-Owned Small Business (WOSB) program is a critical initiative that plays a vital role in promoting economic growth, increasing diversity in business ownership, closing the wage gap, and improving supplier diversity. Here at Tea with Tae, we are proud to be part of this initiative, and we hope our success under the WOSB program inspires other female entrepreneurs and business owners to set forth and build!