October is National Women’s Small Business Month, and I would like to give a big shout to the Women that Rule the World. As we celebrate women entrepreneurs and business leaders throughout the year, it is imperative that we recognize the history, celebrate the accomplishments, and financially plan for the future.
There are currently 13 million women-owned businesses and counting in the United States. 825 women-owned businesses are started each day. Nearly 10 million people were employed and generated over $2 trillion in sales revenue according to the National Association of Women Business Owners. Women-led startups have shown us that they have a higher likelihood of success when they get Funding. According to statistics, in 2021, women-founded startups in the United States raised $55 Billion.
In 1972, there were 400,000 women-owned businesses in the United States. From that time until 1988, women needed a male relative to co-sign on their business loan applications. In October 1988, President Ronald Reagan signed the “Women’s Business Ownership Act.” This legislation allowed federal support and made it easier for women to get capital, business assistance, and training. Although we have come a long way, and there is much to be proud of and celebrated, the battle is not over. Only 5% of federal contracting work is set aside for female-owned businesses. Let’s use this month to uplift women-led businesses and continue the progression all year.
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