A Conversation with Natalie Cofield, Assistant Administrator, Small Business Administration

The Biden-Harris administration is committed to rebuilding main streets across America in a more equitable manner. Part of that effort is focusing on all types of business owners, including women.

After six months on the job, Natalie Madeira Cofield, Assistant Administrator for the Office of Women’s Business Ownership at the US Small Business Administration (SBA), provides executive oversight, management, leadership and the Women’s Entrepreneurship Championship. . A seasoned entrepreneur and executive with over 15 years of experience securing diversified capital, Natalie is overseeing the largest expansion of the Women’s Business Center network in SBA history and over $ 70 million in federal grants to support the growth of women. managed companies.

I recently had the chance to speak with Assistant Administrator Cofield about her role and vision for impact as a Champion of Women in Business as the first African American woman to hold this position. Below is a summary of our conversation.

Rhett buttle: Before the Covid-19 pandemic, women-owned businesses were the fastest growing segment of our economy. Is this still the case?

Deputy administrator Cofield: Based on anecdotal research, women business owners remain the fastest growing entrepreneurial segment in the country and have been the primary drivers of entrepreneurship during the pandemic.

Women are increasingly turning to entrepreneurship because it gives them more flexibility between their professional and personal lives, it reduces the stress of being both primary caregivers and employees, and because women are just good at innovating and pivoting, whatever challenges they may face.

Women of color, in particular, are the main drivers of this entrepreneurial growth – yet they have historically been denied equitable access to resources. Study after study has shown that black women and Latino entrepreneurs are the fastest growing segments of the small business community and, as a nation, we simply cannot afford to leave them behind. This is one of the reasons it’s so exciting to have an accomplished Latina head of the Small Business Administration.

Isabella Casillas Guzman, administrator of the SBA, grew up in a family of small businesses and became an entrepreneur herself. She understands what it takes to start and grow a small business. And her background as a California small business leader at the start of the pandemic, as well as her previous service to the SBA, shows that she has the skills and expertise we need to get small businesses out of this crisis. economic. Administrator Guzman has made equitable access to SBA programs and services his top priority. Building on the Biden-Harris administration’s whole-of-government mandate on racial and gender equity, I have no doubts that there is much we can accomplish for women entrepreneurs in our country.

The SBA’s Office of Women’s Business Ownership looks forward to continuing to do more to support the growth of women’s businesses, while addressing the unique challenges that have kept women entrepreneurs of color from reaching the ladder.

Rhett Buttle: How does the SBA’s Office of Women’s Business Ownership support aspiring women entrepreneurs and established business owners?

Deputy administrator Cofield: Since its founding 33 years ago, the SBA Office of Women’s Business Ownership (OWBO) has been the only federal government office focused solely on advancing the agenda and advocating for women in business.

Our office supports women business owners in three key ways:

● As a funder: Provide $ 70 million in funding to invest in the development and sustainability of Women’s Business Centers – community centers that mentor, train and empower women to start and grow their own businesses.

● As the center’s network administrator: Managed the largest portfolio of women’s business centers in SBA history, with 136 centers across the country providing direct one-on-one technical assistance and financial and business training support for women entrepreneurs. Each year, our network supports nearly 60,000 aspiring and existing women entrepreneurs and is responsible for approximately 3,000 new businesses.

● As a lawyer: Act as a voice for the priorities and concerns of women business owners, as well as a convener and thought leader on business trends for women.

Rhett Buttle: You will oversee the largest expansion of the Women’s Business Center network in SBA history. Can you describe what this will involve?

Deputy administrator Cofield: My meeting came at a pivotal time for our firm. We are currently leading the integration and funding of the largest expansion of women’s business centers in SBA history. We distribute and manage a $ 70 million fundraising portfolio that includes funds to manage the centers and provide additional resources during the pandemic.

We know, however, that funding is not all our 136 centers need to survive and thrive. Our office instituted monthly capacity building calls, technical support office hours, and training to help center managers manage their own internal operations.

As we work to improve operational capacity, we are also excited to continue to expand our network of centers. This month, we released $ 600,000 in funding to support the creation of centers in Puerto Rico, Tulsa, OK, Rochester, NY, and we look forward to more communities to come across the country.

Rhett Buttle: How has your entrepreneurial and executive background prepared you for your job at SBA?

Deputy administrator Cofield: My career has been marked by my passion and commitment to advocacy and service, as well as my experience as a National Champion for Women Entrepreneurs.

As a seasoned entrepreneur who has taken a start-up business to million dollar revenues, I understand firsthand the challenges of starting and growing a small business. As the founder and former CEO of a national women’s platform, Walker’s Legacy, I know the challenges of funding and providing ongoing and aligned educational support, training and community for women. enterprising women. And, as a former CEO of the House, I understand the challenges of navigating between the public and private sectors for economic results.

My current role represents the culmination of my previous work as an entrepreneur and manager, which also allowed me to embark on this critical period.

Taking on this role under the leadership of the only Latina cabinet member in the Biden-Harris administration and true champion of small business, SBA administrator Isabella Guzman, truly confirmed that this was the natural next step for my passion for empowering women and made my experience in implementing this work so much more rewarding.

Rhett Buttle: What do you think about the impact of future digital technologies and tools on small businesses?

Deputy administrator Cofield: If the impact of Covid-19 has taught us anything, it’s that tech companies are positioned for the most operational resilience in times like this. And, with President Biden’s commitment to build better to deliver broadband to every home, we’ll need to take advantage of the fact that small businesses have embraced technology at high rates during the pandemic.

Across the SBA, we strive to improve technological adaptability for all types of businesses, from traditional retailers to manufacturing, and OWBO is part of that effort.

Covid-19 has shown us that, literally, from our kitchen tables, we have the ability to connect to global markets. Understanding this, we have encouraged our women’s business centers to incorporate training to support the efforts of international companies.

Finally, we are very proud to have launched Ascent, a free online learning platform that provides tools and resources for enterprising women to grow and grow their businesses.

Rhett Buttle: What advice do you have for aspiring entrepreneurs and business owners looking to engage with Women’s Business Centers?

Deputy administrator Cofield: OWBO has offices in almost every state across the country. We invite aspiring and existing entrepreneurs to find a center near them by visiting www.sba.gov.

Rhett Buttle: How important is it to you to be the first black woman to hold this position?

Deputy administrator Cofield: As mentioned earlier, one of the fastest growing entrepreneurial segments in the United States are black women. And, black women make up almost 60% of all black-owned businesses and 40% of all businesses run by women of color. For this reason, I believe that any conversation or national effort to support women business owners must include black women. In my role, I aim to be a voice for all women entrepreneurs, ensuring that the voices of these often overlooked communities are raised.