Imagine if you were a business owner, and you were required to get a co-signer for a loan. No big deal, right? It happens all the time! However, in the not-so-distant past, women business owners were subjected to a set of standards to obtain credit different from their equivalent male counterparts. In fact, men were so highly valued, and women so greatly de-valued, that women business owners were required to have a male co-signer for credit acquisition and access to capital.
You might think these practices date to the early 1900s or earlier, right? Not so! Until 1988, women business owners often were required to have a male co-signer for business credit, who might even be their own minor male child. Just 30 years ago, women may not have been allowed business credit in their own name.
NAWBO (National Association of Women Business Owners) Phoenix takes special pride in celebrating HR5050, The Women’s Business Ownership Act, signed into law by President Reagan in 1988. This landmark legislation provided a basis for policies, programs and public/private sector initiatives supporting women’s business endeavors. Notably, the legislation provided the framework for women business owners to obtain credit without the requirement of a male co-signer.
NAWBO joined forces to support the legislation with a handful of other organizations, all seeking equity for women and women business owners. Today, NAWBO continues to support and advocate for women business owners in Washington, D.C. and in Arizona, as well. Through its mission, NAWBO not only serves its members, but stands as a beacon for all women business owners and those who support them.
HR5050 laid the groundwork for what is now a thriving ecosystem of more than 9.1 million woman-owned firms that generate $1.4 trillion in sales and employ nearly 7.9 million people. Women own businesses of all sizes, in all industries, and contribute to the economy on a grand scale.
Come help NAWBO celebrate the birthday of HR5050 by joining us for a Birthday Breakfast on April 11, 2017, at the Gainey Ranch Golf Club. NAWBO will then visit the Arizona Capitol, where we will visit with legislators to advocate for woman-owned business parity in revenue, access to capital, freedom from regulatory burden, and the end of sexual harassment and inequities based on gender. For more information, visit nawbo.org/phoenix.
Wendy Anderton is the CEO of Global Ties Arizona, a nonprofit in Scottsdale that focuses on international exchange for leaders from around the world, affording Arizonans of all walks opportunities to engage with these leaders and become Citizen Diplomats. Anderton also serves on the NAWBO Phoenix Board of Directors as treasurer and advocacy chair, is on the advisory and money month committees at Empowered PhXX, is the membership chair of the Arizona Society for Association Executives, serves as project manager for South Scottsdale Alliance, and is co-founder of Cavy Love, Arizona’s Guinea Pig Rescue.
