The US government announced new federal resources aimed at bolstering support for women-owned small businesses as part of the administration’s ongoing efforts to revive the economy following the COVID-19 pandemic.
Speaking at the second annual Small Business Administration Women’s Business Summit, President Biden highlighted the expansion of a nationwide network of Women Business Centers. These centres provide training, mentoring, business development, and financing opportunities to female entrepreneurs. The President emphasized the importance of empowering women entrepreneurs, recognizing their role as innovators and job creators, and acknowledging that small businesses are the vital driving force behind the economy and the heart of our communities.
The expansion initiative includes establishing 15 new sites, bringing the total number of Women’s Business Centers to 160 across all 50 states. The White House allocated approximately $70 million for this expansion, underscoring the unique challenges that women continue to face in the business world.
A significant number of these centres are strategically located at Historically Black Colleges and Universities and other minority-serving institutions. This move aims to address the disparities faced by women of colour in entrepreneurship.
This announcement comes on the heels of a remarkable surge in entrepreneurship, with a record-breaking 10.5 million applications submitted to start new businesses in the past two years. The White House attributed these encouraging figures to the President’s Investments In America policy.
The administration’s focus on supporting women-owned businesses coincided with Women’s History Month and aligns with the fact that female entrepreneurs currently own approximately 12 million businesses nationwide. Furthermore, according to administration data, women accounted for nearly half of all new companies launched in the United States in 2021.
Moreover, the White House highlighted the financial success achieved by businesswomen over the past year. On average, female business owners experienced an impressive nearly 30% increase in annual earnings, with those in the manufacturing sector enjoying an even more substantial 35% boost.
“The role of women in American society is historic and fundamental to the country’s development. The decision-making power of women in immigration matters is also highly relevant. We see this happening in the thousands of petitions for permanent residency in our office. It is the entrepreneurial spirit that drives this movement of internationalization,” highlights Miguel Risch from The Risch Law Firm.