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Rubio, Cantwell Introduce Legislation to Support Women- and Minority-Owned Small Businesses

Jun 26, 2019 | Press Releases

Washington, D.C. U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, joined Senator Maria Cantwell (D-WA) in introducing the Women & Minority Equity Investment Act of 2019, legislation to clarify that women-owned and minority-owned small businesses are still eligible for contracting opportunities even if they receive more than 50 percent of capital from private equity or venture capital firms. Firms in the U.S. Small Business Administration’s Women-Owned Small Business (WOSB) Contracting and 8(a) Business Development programs help the federal government meet its statutory goal of awarding 5 percent of all contracting dollars to women and 5 percent to disadvantaged businesses.
Currently, to qualify for participation in the WOSB program or the 8(a) Business Development program, firms must be 51 percent owned and controlled by one or more women or minority persons for WOSB and 8(a) programs respectively. This legislation will clarify that a woman-owned or minority-owned small business would not lose their contracting status when taking investments from venture capital and private equity firms that are also owned by either women or minorities.
“This bipartisan bill makes it clear that women-owned and minority-owned small businesses do not have to choose between private investment to build their companies, or having access to bid on federal set-aside contracts that will help them scale and grow,” Rubio said. “Importantly, the bill also spurs venture capital and private equity investments for businesses owned by either women or minorities — two groups that have been historically underserved by venture capital — and will encourage women- and minority-owned venture capital firm development. As the Senate Committee on Small Business and Entrepreneurship continues to work on a comprehensive reauthorization of the Small Business Act, I look forward to working with Senator Cantwell and my colleagues to advance the growth of entrepreneurship and access to capital in underserved communities.”
“Women- and minority-owned businesses are under-represented in our economy,” Cantwell said. “We need to do everything we can to increase access to capital for women- and minority-owned businesses and not have the Small Business Administration penalize them for receiving private equity investment.”
“We all know that access to capital is a barrier to entry and growth for women owned businesses. This bill will not only assist these businesses, it will have a positive impact on the financial industry, as it will spur growth for women-owned equity/VC firms. We applaud Senators Cantwell and Rubio for leading this breakthrough on an issue that has been an impediment to women’s business growth,” said a statement from Women Impacting Public Policy (WIPP).
“We are pleased to see this bipartisan effort to help women overcome the hurdles they face when they want to scale their business and enter the federal marketplace,” said Jeanette Armbrust, Board Chair of the National Association of Women Business Owners. “As a bipartisan organization, we look for solutions to strengthen the economic landscape for women business owners. This bill does that. Not only will more women enter the procurement arena, but also, this will open doors to more venture capital for women. I commend Chairman Rubio and Senator Cantwell on their unwavering support of the women business owners in America.”