Investing In Women-Owned Businesses Unleashes Economic Growth

by Maria S. Salinas

In March, we celebrate Women’s History Month, highlighting the successes of women. While in Washington, D.C. I was pleased to be invited to the White House for the Small Business Administration’s 2nd annual Women’s Business Summit. I was proud to join the Small Business Administration’s Administrator Isabella Casillas Guzman and President Joe Biden to celebrate women entrepreneurs and business owners from across the country. The President announced investments to strengthen technical assistance and other initiatives to help women start, grow, and expand their businesses.

Women-owned businesses are the future for our state and national economy. California is our nation’s hub for women-owned businesses. According to the 2023 Report on the Status of Women and Girls in California from Mount Saint Mary’s University, California is home to 1.5 million women-owned businesses — the largest number in the U.S. In fact, 36% of our state’s privately owned businesses with paid employees are owned or co-owned by women. Nationally, there are 12 million businesses owned by women which account for 40% of the nation’s GDP and employ nearly half of all private-sector workers.

The pandemic hit women especially hard, with almost 2.5 million women leaving the workforce or closing their businesses. Many have returned, but not at the same rate as men. I was pleased to hear the Biden Administration’s investment in programs like the Women’s Resource Center to support women-owned businesses. Read the details here.

It’s important for the Chamber, our state and national leaders to uplift women during March, but it’s even more important we do this, year-round. Strategies that support women owned businesses will unleash greater economic growth for all.