In honor of Women’s History Month, NAWBO is shining a spotlight on the 30-year anniversary of The Women’s Business Ownership Act, H.R. 5050, with the release of a new white paper.
“Spotlight on H.R. 5050: The Bill that Changed Everything for Women Business Owners,” the white paper sponsored by PNC, reflects on the provisions that transformed the course for women business owners and highlights the current areas for improved policy and better women involvement.
The report includes anecdotes from NAWBO leaders who were involved with H.R. 5050 as well as assessments of the current status of women business owners from NAWBO leaders and luminaries in the women business owner community, including Small Business Administration (SBA) Administrator Linda McMahon and National Women’s Business Council (NWBC) Chair Carla Harris.
Noteworthy parts of The Women’s Business Ownership Act included:
- Erasing the need for a male relative or husband to co-sign a business loan
- Establishing the Women’s Business Center (WBC) program
- Creating the National Women’s Business Council (NWBC)
- Requiring the Census Bureau to include women-owned c-corporation, which expanded
research beyond the self-employed and into bigger women-owned businesses
Areas for future involvement and policy include:
- Expanding access to capital
- Providing for research that assesses and meets the needs of women business owners
- Targeting support for women of color and women in technology
- Giving WBCs the tools to create more of an emphasis on business expansion
- Providing an avenue for more women involvement in procurement
- Increasing the number of women on corporate boards
If you would like to share this great piece of history on your social media, please use the hashtags #NAWBO and #HR5050.