BUSINESS + ECONOMY

Rep. Maloy’s bill aims to help women-owned small businesses

Feb 2, 2024, 5:15 PM

women-owned businesses...

Photo: Getty Images

SALT LAKE CITY — New to Congress, Utah Republican Rep. Celeste Maloy is reaching across the political aisle to help women-owned small businesses — with an emphasis on small.

As a member of the House Committee on Small Business, Maloy introduced the WOSB Integrity Act of 2024 along with Michigan Democrat Rep. Hillary Scholten. The legislation recently passed the committee.

In Fiscal Year 2022, the federal government committed about $694 billion on contracts. This was an increase of approximately $3.6 billion from FY 2021, after adjusting for inflation, according to The U.S. Government Accountability Office. Of that $694 billion, about $280 billion is designated for civilian federal agencies, with $414 billion going to the U.S. Defense Department.

Federal agencies enter into contracts with outside companies and organizations. These contracts are used to provide products and services, ranging from aircraft and software to food service and health care, according to the GAO.

 

What qualifies as a women-owned small businesses?

The bill’s goal, Maloy said, is to allocate 5% of civilian contracts to only women-owned small businesses (WOSB). However, a loophole in the law needed closing first.

“It wasn’t that the loophole was keeping women out, but it was letting larger businesses in, so these new small businesses couldn’t compete,” she said.

What Is A Small Business?

To be eligible for the WOSB Federal Contract program, according to the SBA, a business must:

  • Be a small business according to SBA size standards,
  • Be at least 51% owned and controlled by women who are U.S. citizens.
  • Have women manage day-to-day operations who also make long-term decisions.

“Businesses have to prove that they’re female-owned. They don’t have to prove that they’re small businesses,” Maloy said. “There are businesses maybe like Spanx — it’s a woman-owned company but it’s large and very successful now, which shouldn’t be competing in the same pool as these small businesses .” 

Spanx is an Atlanta-based shape-wear company. It skyrocketed to fame after Oprah Winfrey included it on her “Oprah’s Favorite Things” list in 2000, according to Success.

Bridge burner or builder?

“A new, starting business doesn’t have to compete with big established businesses that have public relations people, and grant writers and people on staff who can just do this full time,” she added.

Maloy said a successful female lawyer told her there are two types of successful women: those who burn the bridge behind them and those who improve the bridge and bring other female entrepreneurs along. 

Related: 2023 was full of challenges for small businesses in Utah but resources are available


Dave & Dujanovic can be heard weekdays from 9 a.m. to noon. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app, as well as Apple Podcasts and Google Play. 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

Lake Powell as seen from Navajo Mountain. The Navajo Nation is asking why their request for funding...

Eric Cabrera

Navajo Nation left wondering why funding continually denied

The Navajo Nation is asking why their request for funding for a road has been denied for the last 15 years.

2 days ago

Now hiring sign...

PAUL WISEMAN AP Economics Writer

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate

Far from stumbling, the economy grew 2.5% for all of 2023, topping the 1.9% growth in 2022.

2 days ago

baby feet, utah postpartum retreat helps new moms...

Britt Johnson

Utah company aims to help postpartum moms with special retreats

The founder of Utah Postpartum Retreat said she thinks new moms are at high risk for developing postpartum mood disorders because they lack support.

2 days ago

Power lines are pictured in utah, utah has lower electricity bill than other states...

Tammy Kikuchi

Study shows Utahns pay cheapest electricity bills in the country

Utah residents are paying less for power than any other state. Rocky Mountain Power says they work hard to keep it that way.

2 days ago

Welcome to Tooele sign is pictured on Saturday, Oct. 10, 2020.A Child was taken to a nearby Hospita...

Britt Johnson

Tooele Valley Airport to get some major updates

A new master plan for the Tooele Valley Airport will be shared with the public this week.

2 days ago

FILE - President Joe Biden speaks on student loan debt forgiveness, in the Roosevelt Room of the Wh...

AAMER MADHANI, COLLEEN LONG and COLLIN BINKLEY Associated Press

Biden says too many Americans are saddled with school debt as he cancels federal loans for 153,000

The first round of forgiveness from the SAVE plan will clear will help with $1.2 billion in student loans.

3 days ago

Sponsored Articles

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

Rep. Maloy’s bill aims to help women-owned small businesses