March 2017 offers time to focus on women-owned small businesses

March 7, 2017

Women business owners have the chance to build on greater awareness this month for future growth.

It's always important to focus on funding for women-owned businesses, no matter what time of year it is. Still, March 2017 is specially poised to draw attention to this issue, as growing awareness of funding barriers, the proven gender pay gap and other issues all contribute to a cry for solutions. Business owners can use this time to research how to get an SBA loan and take greater steps to completing important projects.

The month began strong with the passage of the Promoting Women in Entrepreneurship Act of 2017 at the end of February. This act specifically addressed the STEM fields and could be an important tool for encouraging women's participation in tech.

This has long been an area of concern for advocates of equal gender representation. Teresa Meares, national board chair of the National Association of Women Business Owners, endorsed the new law with great enthusiasm.

"March 2017 is specially poised to draw attention to the need for funding women-owned business."

"The STEM fields represent an opportunity for women to expand and pursue their entrepreneurial dreams but as we know too few women are moving into this space," Meares said. "We are proud to see this bipartisan legislation we supported become law and hope it will address the existing gap of women in these important fields."

The other major event happening in early March is the "Day Without A Woman" protest. This event, involving women going on strike from paid and unpaid labor, could also help point out the role of women business owners in the economy as well as workers, especially since the event coincides with International Women's Day.

After this month, women entrepreneurs can ensure healthy business development with access to alternative financing. Programs like the SBA 504 loan can free up opportunities at a low long-term cost that fits business budgets. You can read more about Growth Capital's 504 resources here.