When 12 women business owners gathered in Washington D.C. to form NAWBO, one of their primary reasons for coming together was because of the challenges they faced in accessing capital. Thirty-five years ago, women business owners still needed husbands or a male relative to sign their business loans. Today, women business owners still face great financial challenges—though not quite to the same degree as our predecessors—and through organizations like NAWBO we can work together to continue overcoming this challenge.
It’s for this reason that this issue of NAWBO Focus hones in on access to capital and financial management. As women business owners, these areas are critical to our long-term success and in the challenging economy we’re still operating in, they’re more important than ever. NAWBO is here to help you in your efforts. We have made strategic partnerships with many financial organizations, like Wells Fargo, American Express, Key Bank, Bank of the West and Biz2Credit. We are also working closely with organizations like the U.S. Small Business Administration to develop plans and offer insight on initiatives that will help our members and women business owners nationwide.
As President Obama offered in his most recent State of the Union address, there will soon be more opportunities and tax advantages than ever for small businesses to gain credit and invest in new equipment. Here are a few things he proposed:
- To take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat.
- To offer a new small business tax credit – one that will go to more than 1 million small businesses who hire new workers or raise wages.
- To eliminate all capital gains taxes on small business investment; and provide a tax incentive for all businesses to invest in new plants and equipment.
- To offer tax breaks to companies that create jobs within the U.S. and reduce incentives for companies that send jobs overseas to encourage business to stay in the United States.
Meanwhile, NAWBO chapters across the country are hosting seminars and partnering with financial organizations that help women business owners gain greater financial control of their businesses. Our NAWBO Web site offers extensive resources, together with connections with sponsors and affiliate partners, who are eager to help guide women toward greater financial success. And at this year’s Women’s Business Conference in Washington D.C., attendees will have the opportunity to directly connect with our sponsors, share best practices and attend seminars that will address these key areas of business. With these NAWBO resources in place, I believe the next 35 years will propel women business owners into even greater spheres of financial power.
—Helen Han, NAWBO President and CEO