NAWBO® Celebrates the 35th Anniversary of Historic Passage of H.R. 5050
Women business owners continue to advocate for advancements in the women business owner economy.
Washington, D.C. (October 24, 2023) – On October 25th, the National Association of Women Business Owners (NAWBO) celebrates the 35th anniversary of the historic passage of H.R. 5050, The Women’s Business Ownership Act. Founding members of NAWBO were pivotal in working with Congress to pass this monumental legislation, and the advocacy legacy continues to this day. Right now, according to government data, women own 13 million businesses, employ approximately 11 million people, and generate $1.9 trillion in receipts.
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 program,
- Creating the National Women’s Business Council (NWBC), and
- Requiring the Census Bureau to include women-owned c-corporations, which expanded research beyond the self-employed and into bigger women-owned businesses.
“Women continue to have an uphill climb to remain competitive in our nation’s economy, and it is our job to advocate for ourselves,” says NAWBO National Board Chair Lisa Coppola. “Our policymakers must know what policies women need to ensure our women business owners can grow and scale with today’s workforce challenges in the modern economy.”
Areas for future involvement and policy include:
- Expanding access to capital,
- Recruiting and retaining a qualified workforce,
- Providing avenues to access technology and digital tools,
- Addressing the needs of the micro-business owner, and
- Caring for the business owner and providing flexibility for the employee.
“Our NAWBO Institute is an avenue for women business owners to receive the education to learn how to scale their businesses. Together with the numerous women’s organizations in our country, we can work to ensure that our women’s businesses grow our nation’s economy in the years to come,” according to Jeanette Armbrust, NAWBO Institute for Entrepreneurial Development Board Chair.
Founded in 1975, NAWBO is the unified voice of America’s 13 million women-owned businesses. NAWBO is the only dues-based organization representing the interests of all women entrepreneurs across all industries. NAWBO develops programs that help navigate women entrepreneurs through the various stages of their business growth. To learn more, please visit www.nawbo.org.