WIPP Announces New Access to Capital Platform To Address Funding Barriers for Women Entrepreneurs
Wednesday, June 24, 2015
FOR IMMEDIATE RELEASE
Media Contact: Kristie Arslan
WIPP ANNOUNCES NEW ACCESS TO CAPITAL PLATFORM TO ADDRESS FUNDING BARRIERS FOR WOMEN ENTREPRENEURS
WASHINGTON, D.C. (June 24, 2015) – Women Impacting Public Policy (WIPP) released its access to capital platform today, offering policy solutions to address the crisis of capital faced by women entrepreneurs. The platform, Breaking the Bank: Women Entrepreneurs & the Need for Capital, lays out a broad array of policy changes that would benefit women business owners trying to obtain capital for growth. Women entrepreneurs only receive 4.4% of all commercial loan dollars, and WIPP’s annual membership survey regularly finds that women must make multiple attempts to secure bank loans or lines of credit.
“We are eager to share these policy solutions to benefit women entrepreneurs,” said Barbara Kasoff, President of WIPP. “We believe that implementation of these measures will provide women business owners across the country with the capital they need to drive our economy forward.”
The platform divides recommendations into three sections: changing capital infrastructure, supporting small lending institutions, and strengthening government investment. The eleven recommendations range from simplified intellectual property filings to ending a “one-size-fits-all” approach to lending regulation to modernizing credit-scoring models. Groundwork to build support in Congress for individual provisions has already led to the introduction of legislation introduced in the Senate to improve the SBA Microloan program. Similarly, the Securities & Exchange Commission announced CrowdFunding regulations would be released this year, as called for in the Platform. WIPP applauds the leadership of Members of Congress making necessary changes for women entrepreneurs.
“WIPP’s access to capital platform represents fresh ideas on an issue dating back decades. We are proud to be leading the way to solve the funding barriers faced by women entrepreneurs,” commented WIPP Executive Director, Kristie Arslan.
Last year in a report issued by the Senate Committee on Small Business & Entrepreneurship on barriers to women’s entrepreneurship, they found that women receive only 16 percent of conventional small business loans. This amounts to 4.4 percent of the total dollar value of all small business loans, leaving women-owned firms with only $1 out of every $23 that is being loaned to small businesses.
Read WIPP’s platform, Breaking the Bank: Women Entrepreneurs & the Need for Capital here.
Women Impacting Public Policy (WIPP) is a nonprofit, membership organization working to increase the economic power and public policy clout of women business owners by providing business skills education, leadership opportunities for business and personal growth, and a seat at the table amongst policymakers in Washington, D.C. Founded in 2001, WIPP is recognized as a national, nonpartisan voice for women entrepreneurs, advocating on behalf of its coalition of 4.7 million businesswomen including 78 business organizations. For more information, please visit www.WIPP.org.
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