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The Obama administration recognized the importance of expanding the role that women-owned businesses play in the national economy. Some of his initiatives include increasing access to capital, incentivizing small business growth and hiring, encouraging women owned business competition for government contracts, and enhancing long term survival of women owned businesses.
The president has worked on increasing access to capital through the Recovery Act and the Small Business Jobs Act. Through this act, the president has reformed SBA lending practices and built on existing infrastructure. SBA loans are 3-5x more likely to go to women and minorities than traditional business loans. Over 12,000 SBA Recovery loans have gone to women-owned small businesses, totaling more than $3 billion. [http://www.dol.gov/wb/media/Obama%20Administration's%20Support%20for%20Women%20Entrepreneurs%20%282%29.pdf] Over 12 The president has also increased tax cuts with the aim of helping small businesses invest in their firms and create jobs. Specific to women, the SBA opened several new Women's Business Centers in 2009 and 2010,000 bringing their total to 114. The SBA Recovery loans have gone is working to women-owned small businesses, totaling finalize two programs that will help train more than $3 billionentrepreneurs who are either veterans or part of military families.
Two primary pieces of legislation have bolstered the limited growth that the United States has seen in this field: The Small Business Jobs Act of 2010 and the Women’s Equity in Contracting Act. Both of these seek to help businesses headed up by women win more government contracts.
“Things like that really aim to put women-owned businesses and minority-owned businesses at a competitive advantage,” says Jessica Milli, a senior research associate at the Institute of Women’s Policy Research (IWPR). “It restricts competition, which has really helped to boost revenues and help more businesses get into the industry.” But such policies can’t, and haven't, solved all the challenges inherent to being a female business owner. Women business owners still face a significant wage gap and continually have smaller amounts of start-up capital than their male peers.
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