“We salute women small business owners across our nation for their important contribution to our community. 30 years ago this month, the Women’s Business Ownership Act of 1988 was signed into law changing the landscape for women small business owners forever,” said Keith Hall, president and CEO of the National Association for the Self-Employed (NASE). “Before this legislation, women were unable to obtain small business loans without a male relative as a co-signer. Although tremendous strides have been made to support women entrepreneurs over the last three decades, today more than ever our nation is called to do a better job of closing the economic gender gap.”
Signed into law by President Ronald Reagan on October 25th, 1988, H.R. 5050, Women’s Business Ownership Act of 1988, opened up the ability of women small business owners to access capital on their own. Additionally, the historic legislation established other multiple channels of support targeted towards women entrepreneurs including the establishment of the National Women’s Business Council, Office of Women’s Business Ownership at the Small Business Administration, and required the U.S. Census Bureau and the Small Business Administration to gather data and provide funding to initiatives targeted towards advancing women small businesses.
“A report by the U.S. Senate Committee on Small Business Entrepreneurship found that women-owned business are a $3 trillion economic force supporting 23 million jobs in every town throughout our country,” Hall continued. “However, significant barriers still exist for women small business owners. Access to capital remains a hindrance for women looking to open and grow their small businesses.”
During the 2014 midterm election, NASE surveyed women entrepreneurs who are part of their membership across the country. 86 percent of women small business owners responded that they planned to vote in the 2014 midterm elections and support pro-business growth candidates. Other results from the survey included:
- More than 40 percent of NASE women small business owners started their business when they were 41 years of age or older, with 35 percent starting in their 30’s;
- More than 80 percent used personal savings to start their business, with only 10 percent receiving access to outside capital;
- 60 percent reported that finding ways to market and grow their business was one of their biggest challenges;
- While a desire to have a more balanced life was the top reason for starting their own business, 59 percent said the greatest benefit of owning their business was a chance to build something meaningful;
