National Women’s Small Business Month

A month-long celebration of female entrepreneurship in the United States.

Celebrating National Women’s Small Business Month.

National Women’s Small Business Month takes place each year during the month of October. This is a time to recognize the myriad achievements of our country’s female entrepreneurs and the positive impact they are making on jobs and the economy.

Balboa Capital got involved in this month-long event with a nationwide contest for women business owners called ‘How She Did It’ that offered cash prizes for the winner and finalists. We held this contest two years in a row.

national women’s small business month

Over 12 million strong.

Starting a small business was once considered an undertaking primarily for men, but times have changed. There are currently over 12 million women-owned businesses in the United States. Collectively, they employ close to 10 million people and generate over $2 trillion in annual sales revenue. Since 2007, the number of women-owned companies has increased by 45 percent.

two female florists building a bouquet of orange flowers

A defining moment occurred in 1988.

October 1988 marks the anniversary of President Ronald Reagan’s signing of H.R. 5050, which is the Women’s Business Ownership Act. This legislation increased federal support of women-owned businesses and made it easier for female entrepreneurs to get working capital and business training and assistance.

Prior to this bill being signed into law, some states required women to have a male family member co-sign on their business loan applications.

confident retail sales woman with two customers

Women are gaining in major industries.

As mentioned earlier, entrepreneurship is booming for women in the United States, and in a wide variety of business sectors. Women are making a big impact in the professional services, healthcare, social services, education services, and the apparel and accessories industries.

three female executives in a business meeting