How the 1988 Women's Business Ownership Act Empowered Entrepreneurs

How the Women's Business Ownership Act of 1988 Transformed Opportunity

Did you know?

Until 1974, women in the United States couldn’t apply for credit in their own name—unless a male relative co-signed. And it wasn’t until 1988 that Congress finally passed legislation giving women equal access to business capital and ownership rights

Every October, we celebrate National Women’s Small Business Month—a time to honor that hard-won progress. At EventBuilder, a 100% women-owned technology and services company, this celebration goes far beyond a calendar date. It’s a reflection of innovation, persistence, and leadership by women who continue to shape today’s economy.

The Legacy of Women Entrepreneurs

Honoring the Trailblazers

For us, National Women’s Small Business Month is a chance to pay tribute to the pioneers who changed the business landscape. These trailblazers opened doors for future generations of women entrepreneurs—many of whom now lead in technology, finance, healthcare, and beyond.

To truly understand the significance of this month, we must look back at a pivotal moment that changed everything for women in business.

When Her Signature Became Enough

The Act That Changed Everything

Before 1988, women entrepreneurs faced challenges that are almost unthinkable today. Most banks required a male co-signer, such as a husband, father, or even a son, for business loans, regardless of a woman’s credit history or business plan.

That changed with H.R. 5050, the Women’s Business Ownership Act of 1988. This landmark law:

• Eliminated the male co-signer requirement, granting women financial independence.
• Created the National Women’s Business Council (NWBC), giving women entrepreneurs an official voice in federal policy.
• Expanded data collection by the U.S. Census Bureau to include women-owned C-corporations—finally quantifying their economic power.

This wasn't just a policy change; it was a cultural shift. It validated women as economic leaders, investors, and innovators.

Women-Owned Businesses by the Numbers

The Impact Since 1988

The results of that shift are profound. Since 1988, the number of women-owned businesses in the United States has skyrocketed—transforming industries, communities, and entire economies.

Fast Facts:

• Over 14 million women-owned businesses operate in the United States today, representing nearly 40% all of businesses nationwide.
• These companies generate over $2.7 trillion in annual revenue, fueling growth and innovation.
• Women of color are among the fastest-growing entrepreneurial groups in the country.
• Millions of jobs are supported by female-led organizations across diverse industries.

These numbers represent more than economic output—they tell stories of resilience, creativity, and vision.

At EventBuilder, our story mirrors that broader movement: women leading with expertise, supporting one another, and proving that inclusion drives innovation.

Why We Celebrate National Women's Small Business Month and Why it Matters

We celebrate because we’re standing on the shoulders of giants—women who heard “no” and turned it into “not yet.”

Supporting women-owned businesses isn’t only about equality—it’s smart economics. Studies show that when women thrive, communities benefit:

• Local economies strengthen.
• Job opportunities expand.
• Families gain financial stability.
• Innovation accelerates across sectors.

The journey from needing a male co-signer to leading in boardrooms and building tech companies shows what’s possible when opportunity meets determination.

The Future of Female Entrepreneurship

Building What's Next

This October—and every month—we’re proud to celebrate the female entrepreneurs of the past, present, and future.

Stay with us throughout National Women's Business Month as we share insights about today's challenges, highlight strategies for success, and continue celebrating the women who lead, create, and inspire.

The story of women in business is one of progress, purpose, and perseverance—and it’s far from over.

Stay with us throughout National Women’s Small Business Month as we:

• Share insights from today's women business leaders.
• Highlight strategies for success in tech and entrepreneurship.
• Continue to celebrate women who lead, create, and inspire.

A Conversation With Our Leaders

Watch the on-demand recording of our special webinar, "Women-Led Innovation in Tech," where our leaders share their wit, wisdom, and insights into running a successful, all-women owned tech and services business. 

Disclaimer: This article was created with some help from AI, but thoroughly edited, revised, reviewed, and fact-checked by a living, breathing, coffee-drinking human writer.