WASHINGTON, DC — Many women-owned businesses were severely impacted by the COVDI-19 pandemic — with some forced to shut their doors for good.
There’s now a push for more to be done to help those business owners.
Before the pandemic, the number of women-owned businesses was growing.
Congress is looking at ways to reverse the decline we’ve seen over the last year.
“We amplify that women are the backbone of our families and our homes, and that women-led small businesses and enterprises collectively are the backbone of our communities,” said Ayris Scales, CEO of Walker’s Legacy Foundation.
Lawmakers on Capitol Hill talked about the challenges many women-owned businesses have faced — among them, access to funding.
“Women only receive 4% of all commercial loan dollars, and fewer than one in three loan applications for women-owned firms were approved,” said Tammy Williams, president of Envision2bWell.
Female business leaders urged Congress to push for family-friendly policies, more access to child care and more funding for financial institutions that provide loans for underserved communities.
Lawmakers on the subcommittee said women-owned small businesses were more likely than male owners to report a significant decline in their company’s earnings since the start of the pandemic.