Changes

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. Two primary pieces of legislation have bolstered the limited growth that the United States has seen in the field of women entrepreneurs, 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.

Two primary pieces of legislation have bolstered the limited growth that the United States has seen in the field of women entrepreneurs, 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.  The president has worked on increasing small business 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] 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, bringing their total to 114.