This year we mark the 37th anniversary of Women's History Month, which celebrates the contributions of women to history, culture, society and the economy. Women have been the driving force behind America's economic recovery from the pandemic, starting 50 percent of all new businesses since 2020. In 2023, women opened more than 1,200 new businesses every day, including women of color, experiencing some of the highest business growth rates in American history. This post-pandemic boom has been fueled by policies that encourage new business growth and expansion. President Biden's Investing in America agenda has revitalized our nation's economy, brought back Made in America manufacturing, and restored America's global competitiveness.
As a proud first-generation Asian American whose mother owned and operated a small medical practice in Iowa, I learned from her experiences that running a successful business helps the community by providing needed services and well-paying jobs. During Women's History Month and throughout the year, the U.S. Small Business Administration (SBA) provides women with the training, capital and contracts they need to benefit from the President's pro-business agenda.
The President's small business boom has transformed the nation's economy and revitalized America's main streets in urban and rural communities. In the last three years, more than 16.5 million new business applications were submitted – in 2023 alone the record number was 5.5 million. Under President Biden, the United States experienced the first, second and third strongest years of economic growth in its history. Between 2019 and 2023, the growth rate of women-owned businesses exceeded that of men-owned businesses by a staggering 94 percent, with women now making up 39 percent of all businesses. Even more transformative, women are now revolutionizing traditionally male-dominated industries such as construction, technology and manufacturing.
Recent SBA data shows that women make up 47.3 percent of the workforce and own 43.2 percent of businesses. More than 12 million women-owned businesses generated a record $1.5 trillion in revenue nationwide, with $387 billion coming from minority-owned businesses. The number of women-owned businesses is increasing at 1.5 times the national average, and many of these businesses are founded by people of color and veterans.
President Biden's Investing in America agenda has made access to capital a priority. In fiscal year 2023, the SBA guaranteed more than 13,000 commercial loans valued at $5 billion through its 504 and 7(a) loan guarantee programs for women business owners. After a steady decline between 2017 and 2020, the number of SBA-backed loans to women is growing, with a 70 percent increase in lending since 2020. SBA Administrator Isabella Casillas Guzman has made it one of her priorities to close systemic gaps in access to capital for the smallest, underserved businesses, particularly women-, minority-, veteran-owned businesses and businesses located in rural communities.
The SBA has developed an extensive support network of resource partners that offer a wide range of services to women entrepreneurs. Our network of Women's Business Centers (WBC) provides training, coaching and mentoring to women entrepreneurs in local communities across the country. Over the years, WBCs have supported more than 150,000 women entrepreneurs, generating $1.7 billion in revenue and creating 17,000 new jobs. In my area there are Women's Business Centers in Denver, CO; Laramie, Wyo.; Salt Lake City/Cedar City, UT; Bismarck, N.D.; Sioux Falls/Spearfish, SD; and Bozeman/Missoula, MT.
Another source of assistance is the Women-Owned Small Business Federal Contract Program (WOSB Program), which helps level the playing field for women business owners competing for federal contracts. The federal government restricts competition for certain contracts to companies that participate in the WOSB program.
During Women's History Month, it is important to recognize the increasing role women play in our local, state and national economies. For more information about SBA programs and services, visit www.sba.gov. Don't forget to follow us on Twitter @SBARockymtn.
Aikta Marcoulier serves as the SBA's Region VIII Administrator in Denver. She oversees the agency's programs and services in Colorado, Montana, North Dakota, South Dakota, Utah and Wyoming.
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