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I am glad we are taking time today to talk about this very important topic during National Women’s Small Business Month. Fostering women’s entrepreneurial success is critical for the prosperity of the United States. Women entrepreneurs play a significant role in the U.S. economy. They own over 9 million firms, generate nearly $1.5 trillion in revenues, and employ over 8 million workers.

Despite these impressive numbers, women-owned businesses still face many barriers to starting and growing their businesses. Every day problems are compounded for women entrepreneurs by various challenges like access to capital and adequate mentorships. 

Just like many other businesses, this committee has heard that access to capital remains a top challenge for women. On average, men start their businesses with nearly twice as much capital as women. Unfortunately, women are more likely to be denied traditional financing and generally look to friends, family, and personal savings for assistance. Women are also one-third as likely to access financing through venture capital or angel investments. In fact, only 10% of all global venture dollars between 2010 and 2015 went to startups with at least one women founder. We must do better by our women-owned businesses.

Not only must women worry about running a business, many are more likely to take on caretaking responsibilities for both children and relatives – creating an additional obstacle to entrepreneurship. Rather than ignore the needs of these “mompreneurs”, we should embrace them and recognize how their sacrifices contribute to our economy. Congress needs to consider how simple policy changes like paid family leave and affordable child care is so critical to creating jobs and spurring the economy. 

Women business owners offer an invaluable contribution to our economy but they need help. Today’s hearing offers to us the opportunity to discuss the how Congress can help our nation’s women entrepreneurs prosper. I look forward to hearing from our witnesses and how we can ensure America’s women entrepreneurs have the resources they need to grow and prosper. I want to thank the witnesses for being here.