National Women's Small Business Month

October is National Women's Small Business Month

Did you know, as recent as 1988 (my first year in the Navy!), a woman couldn't secure a business loan without having a male relative co-sign with them?

H.R. 5050, the first legislation that recognizes the importance of women entrepreneurs in the American economy was introduced by U.S. Representative John LaFalce, a former New York Congressman.  President Ronald Reagan signed the bill into law on October 25, 1988. 

The bill helped stop discriminatory lending practices, and increased opportunities for women by specifically:

• Removed state laws that required women to have a husband or male relative cosign a business loan.

• Established the Women’s Business Center Program, granting women entrepreneurs access to business education services, tools, and mentorship.

• Created the National Women’s Business Council, an independent, non-partisan federal advisory council. 

• Required the U.S. Census Bureau to include women-owned C-corporations when reporting data.

• Required government agencies, to report to the Office of Federal Procurement Policy on goods and services obtained from women-owned businesses.

According to the Small Business Administration, in 1972, there were a little over 400,000 women-owned businesses in the U.S, but by 2019, women-owned businesses represented 42% of all U.S. businesses and generated $1.9 trillion worth of revenue. Today, there are over 13 million women-owned businesses and counting.