Women's Business Development Council Marks 30th Anniversary of H.R. 5050

STAMFORD, Conn., Oct. 25, 2018 /PRNewswire/ -- The Women's Business Development Council, a leading organization for female entrepreneurship and economic equity, today honors the 30^th anniversary of H.R. 5050, the Women's Business Ownership Act passed on October 25, 1988, which most notably gave women entrepreneurs the right to secure a loan without a male co-signer.

Today, U.S. women-owned businesses have significant economic clout, growing 2.5 times faster than the national average and generating over $1.7 trillion in revenue.

"But while women have made significant strides in all sectors of society by demanding a seat at the table in the corporate world, in the halls of Congress and in their own businesses, we still have a long way to go to proliferate the economic empowerment of women," said Fran Pastore, a devoted catalyst of women's economic equity and the founder and CEO of the Women's Business Development Council.

Pastore called the fact that 16.9 million U.S. women live in poverty in a time where gender pay gaps and discrimination exists remains "an inexcusable reality."

"Overarching everything in this #metoo era is the imperative to analyze arcane rules and societal expectations that intentionally or unintentionally chart the expected course for women," she explained.

Pastore offered a three-pronged roadmap to narrow the equity gap.

Make Diversity an Action Verb

When asked how to increase women's involvement in the boardroom or C-suite, Pastore's answer is simple: "No more lip service."

"Plenty of companies want more representation in the workforce, yet they sadly come up with the excuse of not finding qualified candidates."

She applauds the recently passed California law requiring publicly traded companies to appoint at least one woman to their board, but cautions that it's not enough.

"It's a progressive start, but you can't expect to find qualified women by accepting the status quo. We must analyze if we are creating an environment that cultivates qualified women to fill those roles. I challenge all leaders to examine what is going on in the underpinnings of society that is keeping women from reaching the upper echelons."

Male Unifiers Needed

"Supportive men acting as unifiers can elevate and advocate for women's work, rights, and education to open better opportunities and encourage them to take on the leadership roles they deserve," Pastore said.

"We need these allies to make room at the table when there is no seat. And when there is a seat, we need them to fill it with a woman."

Examine, Shelve Arcane Laws

The Women's Procurement Program Equalization Program of 2013 helped ensure women's fair representation in acquiring government contracts.

"It was a bold move to help women-owned businesses have a better chance in the procurement marketplace," says Pastore, "but we're still addressing the tip of the iceberg. How many antiquated rules are still on the books? Its time examine which, especially our labor laws, adversely hamper a woman's growth in the workplace."

In the 30 years since H.R. 5050 began opening doors for women, our social and business climates have never been better aligned to promote further change.

"It's time to level the playing field," Pastore explained. "Because when the majority of the world's population is fairly represented, everyone is going to win."

For more on the Women's Business Development Council visit www.ctwbdc.org.

SOURCE Women’s Business Development Council

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https://ctwbdc.org