President Biden Announces Enhanced Support for Women-Owned Small Businesses at Women's Business Summit

President Biden, during the Small Business Administration's second annual Women's Business Summit in March 2023, has unveiled additional resources to assist women who own small companies. The Biden-Harris Administration remains committed to supporting all small businesses across America, and these initiatives aim to empower women entrepreneurs in particular.

One significant measure announced by the President is the expansion of the network of Women Business Centers (WBC) across the nation. Currently, there are 160 facilities that provide training, mentorship, company growth opportunities, and funding options to support women entrepreneurs. This expansion, which has received approximately $7 million in investment, ensures that these centers are accessible in all 50 states, the District of Columbia, and Puerto Rico for the first time.

The President emphasized the crucial role small businesses play in driving the economy and recovering from the pandemic's economic impact. Over the past two years, a record-breaking 10.5 million applications to launch new enterprises have been submitted, reflecting the resilience and entrepreneurial spirit of Americans.

Key highlights of the Biden-Harris Administration's efforts to support women-owned small businesses include:

Rendering Support and Mentoring: The administration has made substantial investments to establish the most extensive network of Women Business Centers in history. These centers provide specialized support tailored to the challenges faced by women entrepreneurs, offering training, mentorship, business growth opportunities, and access to finance. The WBC network will be expanded further, adding 15 new locations and bringing the total to 160 centers across the nation.

Expanding Access and Avenues to Capital: Recognizing the importance of capital for small businesses to thrive, the administration has made a $10 billion investment through the American Rescue Plan's State Small Business Credit Initiative (SSBCI). This initiative assists states, territories, and tribal governments in mobilizing additional funds to support small businesses, with a focus on entrepreneurs from socially and economically disadvantaged backgrounds. The SBA's loan programs, including the 504 and 7(a) loan programs, have also provided nearly $10 billion in funding to women-owned small businesses.

Leveraging Federal Spending: The Biden-Harris Administration aims to increase small disadvantaged businesses' share of federal contract spending by 50% by 2025. This commitment will result in an estimated $100 billion additional government contracting funds going to underserved small businesses, many of which are women-owned. Furthermore, the administration is focused on ensuring that recent legislation, such as the Bipartisan Infrastructure Act, the CHIPS and Science Act, and the Inflation Reduction Act, generates significant contracting opportunities for women-owned businesses.

Additionally, the President's American Rescue Plan has played a vital role in preventing numerous small businesses from closing during the pandemic. Key investments include supporting child care providers, restructuring the Paycheck Protection Program to prioritize assistance for small businesses with fewer than 20 employees (often owned by women), and providing crucial funds to restaurants, food service establishments, and live entertainment venues through various relief programs.

President Biden's announcement at the Women's Business Summit underscores the administration's commitment to fostering an inclusive and supportive environment for women entrepreneurs. By providing targeted resources, mentorship, and financial opportunities, the Biden-Harris Administration aims to empower women-owned small businesses and strengthen the overall economy.