Small-business owners reported far less optimism at the end of 2008 than at any time over the past five years, according to the Wells Fargo/Gallup Small Business Index.

While the score fell from 45 in the third quarter of 2008 to 10-- a marked plunge from the same time in 2007, when it stood at 99-- there is one group who holds a glimmer of hope that there's change on the horizon: women business owners.

That optimism isn't coming from the overall state of the economy. Rather, some local women business owners are encouraged by the election of President Barack Obama and his appointment of a new chief at the Small Business Administration who is thought to be especially interested in the needs of women-owned businesses.

Billie Dragoo, owner of Indianapolis-based health care staffing company RepuCare, sees positive signs in President Obama's recent appointments of several women to his senior staff, including three in his cabinet.

"Many of these women are familiar with and friendly toward [the National Association of Women Business Owners]," said Dragoo, who thinks that gives women a shot at meaningful change.

Change ahead at SBA

In addition to a new head of the SBA in Washington--Karen Gordon Mill, who is expected to he confirmed in the next 60 days-- procurement regulations that would have greatly restricted women's access to contracts have been postponed. The rules would effectively limit women-owned businesses to bidding for contracts in certain industries. The SBA has reopened the comment period for the rules. The 60-day comment period ends March 13.

Dragoo says this was the hot topic at a recent national board meeting of NAWBO.

"NAWBO is urging its 10,000 members to write their legislators against the proposed changes," she said. "We think we have a really good chance of changing the proposal with the new administration."

In 2000, the federal government established a 5-percent contracting goal for women-owned small businesses, but Dragoo says it has reached only 3.4 percent.

Health care, financing woes

Women small business owners are facing the same challenges as their male counterparts when it comes to rising health care costs and tightened lending.

Lorraine Ball left her job as vice president of creative services for Carmel-based Conseco Inc. and started her own marketing services company, Roundpeg, in early 2002. Ball said the economic climate has made her change how she handles accounts payable.

"In October, American Expresso informed me they were discontinuing their line of credit product," Ball said.