Small businesses and startups with good ideas need capital to get off the ground. While some entrepreneurs have access to resources that help them start and grow their businesses, there is a significant demographic that lacks equal access – women.
Today, women make up half the workforce, yet women-owned businesses still face significant challenges. This simply won’t work in the 21st century economy if America wants to succeed.
{mosads}According to the U.S. Small Business Administration, America has more than 28 million small businesses – which employ half of U.S. workers. These businesses are largely in manufacturing, food service, retail and technology.
We are making progress, but we know that many women-owned businesses still do not have equal access to economic opportunity. Congress must do more to advance an economic agenda that supports women, both as business owners and as workers.
As a former businesswoman and entrepreneur, I know firsthand that when women get the tools and the opportunity to succeed, America’s economy is stronger.Women entrepreneurs account for just $1 out of every $23 in small business lending, despite representing 30 percent of all small companies. They are also more likely to be turned down for loans or face less favorable terms than male counterparts.
That’s why I introduced the Women’s Small Business Ownership Act along with Sen. Maria Cantwell (D-WA). This bill would advance access to lending, increase training and counseling services for female entrepreneurs and give women-owned businesses the same access to federal contracts as other disadvantaged groups. By focusing on efforts that help our small businesses succeed, we’ll be able to create and grow more good-paying jobs for years to come.
My bill is part of the New Democrat Coalition’s Prosperity Agenda: Winning the Future, to encourage economic growth. New Democrats have led the charge to reduce regulatory obstacles and support new businesses and entrepreneurs.
The Women’s Small Business Ownership Act would address the gaps in funding to reach more women entrepreneurs, especially in low-income areas. It also simplifies the processes for program application and grants, reduces the paperwork burden on small-business owners, and increases transparency through a peer review system.
We must ensure that all entrepreneurs with good ideas have the ability to raise capital and start a business. Congress should be working on legislation like mine to help small and women-owned businesses compete, which will also support job growth in communities across our country.
Suzan DelBene (D) is the United States Representative for Washington’s 1st congressional district.