By Geri Sanchez Aglipay—U.S. Small Business Administration Great Lakes Regional Administrator
Women make an average of 84 cents an hour for every dollar paid to men, and women accumulate 32% of the wealth men generate.
Pay disparities are pronounced for women of color – Black, Native American, Latina and Hispanic, Asian American— as well as women with disabilities and those with child and elder care responsibilities.
However, entrepreneurship is a significant labor solution that can close the gender wealth gap. In October, we recognize National Women’s Small Business Month and the 12 million women-owned small businesses nationwide who employ over 10 million workers.
Under the Biden Harris Administration, women are leading the historic small business start-up boom with more than 157,000 woman-owned companies in Wisconsin generating over $7.8 million in payroll per Census data. As jobs are created, women’s opportunities for economic equality increase.
Current federal investments in America’s infrastructure, small businesses, and workforce from the landmark CHIPs and Science Act and the Bipartisan Infrastructure Law help advance women’s labor force equality in the Badger state.
With the traditional sectors, new collar industries, R&D industries related to energy independence, and the resurging skilled trades – including a whopping 35% increase of women in manufacturing – Wisconsin female entrepreneurs are essential for an inclusive economy that also considers how care systems support working women.
Healthcare and social services are number one industry for women owners nationwide, as represented by Marthia Bell, owner of Living Made Easy and the 2023 Wisconsin SBA District Director Awardee who homes serves families in the Greater Milwaukee area. The second ranked industry for women-owned businesses is the professional, scientific, and technical sector as exemplified by COnovate scientist entrepreneur Carol Hirschmugl.
Carol utilized an SBA SBIR grant for her nanomaterials operations to improve lithium battery performance.
As SBA Regional Administrator its meaningful to witness how diverse Wisconsin women small business owners catalyze the state’s economy and influence job and financial security for themselves and their employees.
Yet obstacles persist that reduce women’s wealth building opportunities. It’s why the Biden Harris administration champions women’s access to capital and credit.
Equity is a top priority for SBA Administrator Isabella Guzman. She’s committed to resources, services, advocacy and technology that help women overcome historic barriers and exercise their rights to own a business and strengthen equitable fair market competition.
Under Administrator Guzman’s leadership, SBA Women’s Business Centers are now in every state, DC and Puerto Rico.
Investing in America as a whole-of-government under President Biden means women can learn a skilled trade from a Labor Department apprenticeship, and work with the SBA Wisconsin District Office for an SBA-backed loan or credit line, plus no-cost counseling to hang their own shingle.
Women forge economic opportunities, and since part of October is Hispanic Heritage month – notably Latinas, Hispanic women open businesses six times faster than other groups.
I invite the community and stakeholders to partner with the SBA and enhance women small business owner’s equitable paths to wealth equality. For help with Wisconsin women small businesses, contact the SBA Wisconsin District Office.