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NATL WOMEN'S SMALL BIZ MONTH: NASE Recognizes Women Entrepreneurs as a Powerful Economic Force in Honor of National Women’s Small Business Month

Tuesday, October 16, 2018
FOR IMMEDIATE RELEASE:
CONTACT:  Kristofer Eisenla, LUNA+EISENLA media
kristofer@lunaeisenlamedia.com | 202-670-5747 (mobile)

October - National Women’s Small Business Month

 

NASE Recognizes Women Entrepreneurs as a Powerful Economic Force in Honor of National Women’s Small Business Month

October also Marks 30th Anniversary of the Groundbreaking Legislation - H.R. 5050, Women’s Business Ownership Act of 1988


WASHINGTON, D.C.
 – In honor of October’s National Women’s Small Business Month and the 30thAnniversary of groundbreaking legislation, H.R. 5050, also known as the Women’s Business Ownership Act of 1988, the National Association for the Self-Employed (NASE), the nation’s leading advocate and resource for the self-employed and micro-businesses, recognizes the powerful role women entrepreneurs play in helping our nation’s economy grow and prosper. 

“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;

Hall concluded, “NASE continues to advocate for legislation and policies to address the economic gender gap when it comes to women entrepreneurs ability to receive small business loans, securing of contracts, and support from governmental agencies such as the Small Business Administration – the nation’s largest single financer of small businesses.  During National Women’s Small Business Month we recognize the millions of women entrepreneurs in our country by rededicating ourselves to doing our part to level the playing field and provide equality for all Americans looking to start and grow their dream.”


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The National Association for the Self-Employed (NASE) is the nation's leading advocate and resource for the self-employed and micro-businesses, offering a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy.

The NASE Next Biz Thing helps identify and connect our nation’s smallest businesses. Need small business help? Check out NASE’sAsk the Experts for advice or the NASE Minute for small business support.

The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's website at NASE.org

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