President’s Corner
Celebrating Women’s History and the Impact of Women Entrepreneurs
Dear Reader: Every year since 1987, the month of March has been designated by Congress as Women’s History Month. The President issues an annual proclamation on Women’s History Month, highlighting the progress the Administration has made on behalf of women and girls, and federal agencies announce new programs, initiatives and funding opportunities for women owned businesses. The last four years have been exceptionally difficult for everyone, though especially for women. As a result of the pandemic, rising costs and supply chain disruptions, a record number of women left the workforce to care for children and loved ones, to establish a stronger work-life balance or because they felt underappreciated in their roles. While many women left jobs during the pandemic, data suggests that some of them did so to start their own businesses, with 80% of women who started businesses did so from scratch, as opposed to buying another business or franchise. More than half also launched their ventures solo, which is double the rate of men who did the same. A bright spot has been that many new businesses started by women are started by Black women, who have been the fastest growing group of entrepreneurs in America even before the start of the pandemic. Despite the difficult challenges that women continue to navigate, they are returning to work and starting businesses. There are more resources to support the growth of women owned businesses now than ever before. In March 2023, the President announced ongoing and additional resources for women owned businesses, including an expansion of the Women’s Business Center (WBC) network. This expansion has brought the total number of WBCs to 160 across the country to assist women entrepreneurs through mentorship, technical assistance, business development
and financing opportunities. The SBA’s network of additional resource partners, including SCORE and the Small Business Development Centers (SBDCs) offer a strong portfolio of resources that women entrepreneurs can access to help grow their businesses, including the SCORE resource hub for women entrepreneurs. As women continue to start more businesses, it is crucial that they have access to the resources and tools they need to be successful. The increased investments in resources that help them start their businesses and in policy issues that acutely impact women, such as paid leave and increasing access to affordable healthcare options, will be strong determinants to their success.
More power to Women,
Dr. Angelic Cole President & CEO Colorado Black Chamber of Commerce
“My mission in life is not merely to survive but to thrive and to do so with some passion, some compassion, some humor, and some style.” Maya Angelou (1928-2014), memoirist, poet, civil rights activist.
5 The Acumen
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