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Celebrating 35 Years of Empowerment: The Impact of the Women’s Business Ownership Act of 1988 - BLP - Business Lending Partners
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The Impact of the Women’s Business Ownership Act of 1988

Celebrating 35 Years of Empowerment

This year marks the 35th anniversary of the Women’s Business Ownership Act of 1988, a groundbreaking legislation that reshaped the landscape for female entrepreneurs in the United States. The legacy of this act continues to reverberate through the business world, paving the way for increased opportunities and empowerment for women in entrepreneurship. As a testament to the enduring impact of this legislation, U.S. Small Business Administration (SBA) Administrator Isabel Guzman recently released staggering new data, unveiling a remarkable surge in SBA-backed loans to women-owned businesses.

The numbers speak volumes. SBA Administrator Guzman cited a nearly 70% increase in SBA lending, culminating in an impressive $5.1 billion in SBA-backed loans for women-owned businesses in 2023. This surge in financial support signifies not just an uptick in monetary figures but a profound shift in the support and belief in women entrepreneurs. It’s a testament to the enduring relevance of the Women’s Business Ownership Act and the continued dedication to fostering an environment where women can thrive in the business world.
Women-owned businesses may have faced disproportionate challenges in securing funding, that limited their growth and scalability. The increase in SBA-backed loans signifies a crucial step towards investing in women-owned ventures allowing them to hire employees and expand their businesses.

The numbers cited by SBA’s administrator are echoed in Racine County and throughout Wisconsin as well as we continue to see year-over-year increases in women-owned companies receiving grants and loans from Business Lending Partners (BLP).

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The 35th anniversary of the Women’s Business Ownership Act is an opportune moment to acknowledge and celebrate the progress achieved. However, it also serves as a reminder that BLP is a great resource to continue this positive momentum.

As we reflect on this milestone anniversary, BLP’s commitment to support small businesses throughout Wisconsin will continue.

BLP’s initiatives continue to strengthen in order to open doors, financing programs, and networking opportunities tailored to women in business.
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Brittany Helf

Loan Officer, BLP