Women’s Small Business Month.
The resolution emphasizes the economic achievements of women entrepreneurs, noting that, as of 2019, there were approximately 13 million women-owned businesses in the United States that employed about 9.4 million individuals and generated significant revenue. The proposed designation of Women's Small Business Month is intended to motivate communities and local governments to promote initiatives that support women entrepreneurs and facilitate their growth, presenting an opportunity for increased networking, funding, and mentorship.
ACR 125, introduced by Assembly Member Boerner Horvath, aims to designate October 2022 as Women's Small Business Month in California. This resolution recognizes the pivotal role that women-owned businesses play in the economy and encourages all citizens to acknowledge their contributions. It highlights the sharp increase in women-owned businesses and their growth rate, which significantly exceeds that of all businesses combined, thereby stressing the importance of fostering this sector of the economy.
Despite the positive view surrounding the bill, there are notable challenges that women entrepreneurs continue to face, including limited access to funding and support. The resolution points out that 66 percent of women entrepreneurs experience difficulty in securing the necessary funding for their businesses, indicating that while awareness is critical, there is still essential work to be done in addressing systemic barriers to support women's entrepreneurship.
ACR 125 aims not just to celebrate achievements but also to confront ongoing challenges including social expectations and the need for female investors. The bill reflects a commitment to not only recognize the vital economic contributions of women-owned businesses but also to encourage actions that can help mitigate the barriers they face in the entrepreneurial ecosystem.