Monica Gould’s Thoughts on H.R. 5050 Signed into Law in 1988
Jun 19, 2018 | News
Imagine being turned down for a critical business loan because, as a woman, you needed a man to co-sign the loan for you. Unthinkable today, but that was business as usual three decades ago. However, in 1988, House Resolution 5050, also known as the Women’s Business Ownership Act, was passed. Introduced by New York Congressman John LaFalce and championed by the National Association of Women Business Owners (NAWBO), H.R. 5050 was enacted to “remove, insofar as possible, the discriminatory barriers that are encountered by women in accessing capital and other factors of production.”
Monica Gould shares her thoughts on H.R. 5050 and how Strategic Consulting Partners sought funding from the Small Business Association for an Express Loan that would not have been possible before this law.
“As a single mother, seeking funding to expand my business would not have been possible if I had had to get a man to co-sign. I have to sign and guarantee my business loans, which wouldn’t have been possible until this legislation.”
Read more about how H.R. 5050 has helped Monica and other female entrepreneurs:
https://www.nawbo.org/resources/nawbo-one/2018/june/four-entrepreneurs-reflect-legislation-changed-their-lives
