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Action Alert: Ask Your Legislators to Co-Sponsor Equity Bill

Posted By WIPP Advocacy Team, Wednesday, October 9, 2019
Updated: Tuesday, October 8, 2019

If a woman-owned firm wants to obtain a Small Business Administration (SBA) certification to participate in the Woman-Owned Small Business/Economically Disadvantaged Woman-Owned Small Business (WOSB/EDWOSB) procurement program, she would not be able to obtain equity or venture capital funding.

This choice essentially forces women business owners to choose between participating in the federal marketplace through the WOSB/EDWOSB program or growing their business.

Senators Marco Rubio (R-FL) and Maria Cantwell (D-WA) introduced the Women and Minority Equity Investment Act of 2019 (S. 1981), which would allow women-owned contracting firms to take investment by women-owned equity firms and still meet the “51% unconditionally owned and controlled” standard set by SBA to participate in the WOSB/EDWOSB program.


Representative Robin Kelly (D-IL) introduced an identical bill in the House (H.R. 3633). The same barriers apply to minority-owned businesses and these bills also allow minority-owned federal contracting firms to take investment by minority-owned equity firms.

WIPPActionAlert Access to capital continues to be an ongoing challenge for women business owners. This groundbreaking legislation would open a path for investment in women-owned businesses who are government contractors, while also strengthening the role of women investors – giving them a reason to ask for greater equity positions within their firms. 

WIPP asks you to meet, call, or write your elected officials and ask them to support and co-sponsor the Women and Minority Equity Investment Act of 2019.

Your Action Steps:

 


 

Call Your Legislators

If You Are Calling Your Senators:  

Reach the Congressional switchboard at 202-224-3121. Ask to be connected to the Senator’s office you are trying to reach.

 

Use this sample script:

 

“Hello. My name is ____________ and I am a constituent living in ____________. I am calling to urge Senator ____________ to support S.1981, the Women and Minority Equity Investment Act of 2019. This bill would allow women-owned federal contracting firms to accept investment by women-owned equity firms.

 

As a woman entrepreneur, this change will not only help me grow my business, but will empower women investors by continuing to spur growth for women-owned equity firms.

 

Again, I urge Senator _____________ to expand venture capital access for women and minority business owners by co-sponsoring S.1981, the Women and Minority Equity Investment Act of 2019.”

 

If You Are Calling Your Representative: 

Reach the Congressional switchboard at 202-224-3121. Ask to be connected to the Representative’s office you are trying to reach.

 

Use this sample script:

 

“Hello. My name is ____________ and I am a constituent living in ____________. I am calling to urge Representative ____________ to support H.R. 3633, the Women and Minority Equity Investment Act of 2019. This bill would allow women-owned federal contracting firms to accept investment by women-owned equity firms.

 

As a woman entrepreneur, this change will not only help me grow my business, but will empower women investors by continuing to spur growth for women-owned equity firms.

 

Again, I urge Representative _____________ to expand venture capital access for women and minority business owners by co-sponsoring H.R. 3633, the Women and Minority Equity Investment Act of 2019.”

 

 


 

Write Your Legislators 

If You Are Writing Your Senators:

Reach your Senators via email through a form on their website under “Contact.”

 

Use this suggested language:

 

Dear Senator ______,

 

My name is ____________ and I am a constituent living in ____________. I am writing to urge you to support S.1981, the Women and Minority Equity Investment Act of 2019. This bill would allow women-owned federal contracting firms to take investment by women-owned equity firms.

 

As a woman entrepreneur, this change will not only help me grow my business, but it will strengthen the role of women investors – giving them a reason to ask for greater equity positions within their firms.

 

Please support expanding venture capital access for women and minority business owners by co-sponsoring S.1981, the Women and Minority Equity Investment Act of 2019. Thank you in advance for your consideration.

 

Sincerely,

_______

 

If You Are Writing Your Representative: 

Reach your Representative via email through a form on their website under “Contact.”

 

Use this suggested language:

 

Dear Representative ______,

 

My name is ____________ and I am a constituent living in ____________. I am writing to urge you to support H.R. 3633, the Women and Minority Equity Investment Act of 2019. This bill would allow women-owned federal contracting firms to take investment by women-owned equity firms.

 

As a woman entrepreneur, this change will not only help me grow my business, but it will strengthen the role of women investors – giving them a reason to ask for greater equity positions within their firms.

 

Please support expanding venture capital access for women and minority business owners by co-sponsoring H.R. 3633, the Women and Minority Equity Investment Act of 2019. Thank you in advance for your consideration.

 

Sincerely,

_______

 

Tags:  Access to Capital  Action Alert  Advocacy 

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Capital Access for Women a Growing Priority for DC Lawmakers

Posted By Jennifer Mangone, WIPP Advocacy Team, Monday, April 22, 2019
Updated: Tuesday, April 30, 2019
March was a busy time for WIPP here in Washington. From testifying before the House Small Business Committee (HSBC) to hosting forums on women’s entrepreneurship in both the House and Senate, the importance of WIPP’s 2019 Policy Pillars was heard ‘round the Hill. After all that work in such a short span, one of our Pillars, Increasing Access to Capital for Women-Owned Businesses, is already gaining traction through legislation on the SBA Microloan Program.

The Microloan Program assists entrepreneurs in obtaining loans under $50,000. SBA provides nonprofit intermediary lenders with direct loans. Intermediaries, in turn, provide Microloans to small businesses. At 48.7%, women are the greatest consumers of these Microloans.

Testifying on behalf of WIPP in a HSBC hearing on Modernization of the Microloan Program, Michelle Richards, Executive Director of the Great Lakes Women’s Business Council, called the 1/55th rule the number one pain point for microlenders and advocated for its elimination in any modernization of the program. 

The 1/55th rule, which was implemented as part of the pilot program in 1991, requires that for the first half of each fiscal year the lesser of $800,000 (or 1/55th of available loan funds) is made available to loan intermediaries in each state. This rule restricts the availability of capital for small businesses in larger states.

Our team worked closely on this issue with Senator Tammy Duckworth (D-IL), who just introduced the Microloan Program Enhancement Act. The bill adopts two of WIPP’s key recommendations on improvements that should be made to the Microloan Program.

First, the bill would eliminate the 1/55th rule. Second, Senator Duckworth’s bill would require SBA to make publicly available previously unreleased data, another prime recommendation from WIPP’s testimony. The data would include the number of small businesses that remain in business, the number of jobs created and retained, and the impact of the elimination of the 1/55th rule on rural areas by consumers of the Microloan Program.

Meanwhile, back on the House side, Rep. Scott Tipton (R-CO) recently used a hearing in the House Financial Services Committee (HFS) with CEOs of large banks as an opportunity to ask the CEO of Goldman Sachs about initiatives to right the discrepancies in investment to women-owned businesses. Rep. Tipton is the Co-Chair of the House Small Business Caucus and co-led a roundtable on women’s entrepreneurship with WIPP last month.

Today, only 16% of conventional loans and 4.4% of commercial loan dollars go to women-owned businesses. WIPP will continue to push for increased access to capital for women and applauds those in Congress like Senator Duckworth and Congressman Tipton, who are pushing with us.

Tags:  access to capital  microloan  SBA 

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