Biden To Announce New Resources To Support Women Small Businesses Owners
At the Small Business Administration’s (SBA) second annual Women’s Business Summit Monday, President Joe Biden will announce new resources to support women small business owners.
Biden will host the Women’s Business Summit at the White House at 2.30 PM ET.
The President will announce that SBA will expand the Women Business Centers network, bringing the total to 160 centers across the country that assist women entrepreneurs through training, mentoring, business development, and financing opportunities.
Following the President’s remarks, SBA Administrator Isabella Guzman will moderate a panel discussion between Sara Blakely, founder of Spanx; Payal Kadakia, former CEO and founder of ClassPass; Melissa Butler, CEO and Founder of The Lip Bar; and Natalie King, founder and CEO of Dunamis Charge, an electric vehicle charger manufacturer.
The Biden administration has taken action to assist the nation’s small businesses as they recover from the economic impact of the pandemic. A record 10.5 million applications to start new businesses have been filed in the last two years, according to a White House Fact Sheet.
Women own 12 million businesses in the United States employing more than 10 million workers.
Nearly half of all new businesses in the United States in 2021 were started by women entreperneurs.
Last year, annual earnings for women owned businesses increased by almost 30 percent, with women-owned businesses in the manufacturing sector experiencing a 35 percent increase.
The Biden Administration has set a goal of increasing the share of federal contracting dollars awarded to small disadvantaged businesses (SDBs) by 50 percent by 2025. This will result in an estimated additional $100 billion in federal contracting dollars to underserved small businesses over a 5-year period, many of which are owned by women.
The Women’s Business Summit will continue through Wednesday, March 29, and feature panels and discussions with Administration officials, non-profit and for-profit organizations, and women entrepreneurs leading businesses across various industries, including childcare, technology, services and manufacturing.
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